please answer question 8

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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please answer question 8

b. What is the total amount of the tax bill he must pay?
8. Redford Christian Signed an $8500 note at Commonwealth Bank. Commonwealth Bank
charges a 6.5% discount rate. If the loan is for 450 days, find
a. The proceeds
b. The effective rate charged by the Bank (to the nearest 10™ of a Percent)
Transcribed Image Text:b. What is the total amount of the tax bill he must pay? 8. Redford Christian Signed an $8500 note at Commonwealth Bank. Commonwealth Bank charges a 6.5% discount rate. If the loan is for 450 days, find a. The proceeds b. The effective rate charged by the Bank (to the nearest 10™ of a Percent)
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