A man makes a simple discount note with a face value of $2,500, a term of 120 days, and an 18% discount rate. Find the discount. (Use the banker's rule.) The discount is $ (Round to the nearest dollar as needed.)
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- Jeff Rakhnovich has a simple discount note for $35,000 at an ordinary bank discount rate of 7%, for 60 days. What is the APR? Round to the nearest hundredth of a percent. Show all your work in a neat and organized format. The true rate of interest that you pay on a loan is called the..?If you sign a discount note for $4,400 at a bank discount rate of 8%, for 90 days, what is the effective interest rate?If you sign a discount note for $9,500 at a bank discount rate of 9% for 3 months, what is the effective interest rate (as a %)?
- A merchant buys a bill of goods requiring the payment of $1,500 at the end of 180 days. He is offered a 5% discount for cash in 30 days.What is the highest rate at which he could afford to borrow money in order to take advantage of the discount?A merchant buys a bill of goods requiring the payment of 1500php at the end of 180 days. He is offered a 5% discount for cash in 30 days. What is the highest rate at which he could afford to borrow money in order to take advantage of the discount?Michael Jacobson signed a simple discount note with a face value of $ 8,400 at a discount rate of 15% for four months. Find the proceeds of the note and the effective interest rate. Find the proceeds of the note The effective interest rate is what %
- A note with a face value of $4300 is discounted at 3%. If the discount was $21, find the length of the loan in days?If you sign a discount note for $7,500 at a bank discount rate of 5% for 3 months, what is the effective interest rate? Round to the nearest tenth percent. Step 1 The effective interest rate is the actual interest rate charged on a discounted note and takes into account the fact that the borrower does not receive the full amount of the principal. It is calculated using the bank discount, the proceeds, and time. The bank discount is calculated as follows where the discount rate is given as a decimal and the time will be a fraction whose numerator is the given amount of time in months and denominator is 12 months. bank discount = face value ✕ discount rate ✕ time The rate was given to be 5%. As a decimal, we have . Calculate the bank discount (in $) for the $7,500 promissory note at a discount of 5% for 3 months. bank discount = face value ✕ discount rate ✕ amount of time in months 12 months = $7,500 ✕ ✕ 3 12 = $You decide to discount a$5250, 345-day note at 3% to your bank at a discount rate of 4.5% on day 210. What are the proceeds?
- Calculate the bank discount and proceeds for the following simple discount note. Use the ordinary interest method, 360 days, when applicable. Round your answers to the nearest cent. Face Value Discount Rate (%) Term Bank Discount Proceeds $32,000 10.05 6 months $ $A credit card company calculates its minimum monthly payment as 3% of the credit card balance or $20, whichever is greater. If Emile Fritz has a credit balance of $375.48, what is his minimum monthly payment (in dollars?) Round your answer to the nearest cent.)merchant receives an invoice for $8000 with terms 2/10, n/50.a) What is the maximum interest rate that the merchant could borrow money at to take advantage of the discount?b) If the bank offers a loan for 15% interest, should he accept it, and if so, what will be his savings?