A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.84%, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent. The effective interest rate is%. (Round to the nearest tenth of a percent as needed.)
A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.84%, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent. The effective interest rate is%. (Round to the nearest tenth of a percent as needed.)
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
Concept explainers
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Topic Video
Question
5
Transcribed Image Text:A man has a simple discount note for $6,100, at an ordinary bank discount rate of
8.84%, for 60 days. What is the effective interest rate? Round to the nearest tenth
of a percent.
The effective interest rate is%.
(Round to the nearest tenth of a percent as needed.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.Recommended textbooks for you