A $25,000 United States Treasury bill, purchased at 1.66% interest, matures in 98 days. The purchaser is charged a service fee of $20. What is the cost of the Treasury bill? (Round your answer to the nearest cent.)
A $25,000 United States Treasury bill, purchased at 1.66% interest, matures in 98 days. The purchaser is charged a service fee of $20. What is the cost of the Treasury bill? (Round your answer to the nearest cent.)
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
Related questions
Question
A $25,000 United States Treasury bill, purchased at 1.66% interest, matures in 98 days. The purchaser is charged a service fee of $20. What is the cost of the Treasury bill? (Round your answer to the nearest cent.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you