1. Find the effective rate (APR) for a simple discount note. The maturity value is $10,000 with $148.80 interest accrued for 85 days. Round to the nearest hundredth of a percent. 2. You get a loan using the discount method. You sign a note, agreeing to repay the lender $10,000 in 90 days. Assuming a discount rate of 9%, determine the APR. Round to the nearest hundredth of a percent.

1. Find the effective rate (APR) for a simple discount note. The maturity value is $10,000 with $148.80 interest accrued for 85 days. Round to the nearest hundredth of a percent. 2. You get a loan using the discount method. You sign a note, agreeing to repay the lender $10,000 in 90 days. Assuming a discount rate of 9%, determine the APR. Round to the nearest hundredth of a percent.

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Description: Answer 1. Find the effective rate (APR) for a simple discount note. The maturity value is $10,000with $148.80 interest accrued for 85 days. Round to the nearest hundredth of a percent.2. You get a loan using the discount method. You sign a note, agre

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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