A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.53%, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule)
A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.53%, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule)
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.49TI: Nathaly deposited $12,500 in her bank account where it will earn 4% simple interest. How much...
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