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)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
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...
icon
Related questions
Question
100%
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)
N
e
2
W
S
#3
E
D
$
4
>
R
F
I
%
5
X C V
T
G
^
6
MacBook Pro
B
Hey
Y
&
7
H
U
N
* 00
8
J
I'm
I
M
(
9
K
(
I
V
)
I
O
O P
➡
L
I
A
.
Transcribed Image Text: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) N e 2 W S #3 E D $ 4 > R F I % 5 X C V T G ^ 6 MacBook Pro B Hey Y & 7 H U N * 00 8 J I'm I M ( 9 K ( I V ) I O O P ➡ L I A .
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell