Kenyatta purchased a $5,000 face value discount note for $4,925. The note will reach maturity in 39 weeks, and the simple discount rate is 2%. What is the equivalent simple interest rate? Group of answer choices 2.03% 2.09% 2.00% 2.50% 3.90%

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...
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Kenyatta purchased a $5,000 face value discount note for $4,925. The note will reach maturity in 39 weeks, and the simple discount rate is 2%. What is the equivalent simple interest rate?
Group of answer choices
2.03%
2.09%
2.00%
2.50%
3.90%
 
 
 
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enyatta purchased a $5,000 face value discount note for $4,925. The note will reach maturity in 39 weeks, and the simple discount rate is 2%. What is the equivalent simple interest rate?
Group of answer choices
2.03%
2.09%
2.00%
2.50%
3.90%
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