If $1 million face amount of commercial paper(270 day paper) is sold for $982,500, what is the simple rate of interest paid? What is the compound annual rate?
If $1 million face amount of commercial paper(270 day paper) is sold for $982,500, what is the simple rate of interest paid? What is the compound annual rate?
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 18P
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If $1 million face amount of commercial paper(270 day paper) is sold for $982,500, what is the simple rate of interest paid? What is the compound annual rate?
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