To complete the sale of a house, the you accept a 310-day note for $8000 at 6% simple intent (Both interest and principal are repaid at the end of the 310 days) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $8115 after 70 days What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage Round to the nearest thousandths of a percent (3 decimal places)

To complete the sale of a house, the you accept a 310-day note for $8000 at 6% simple intent (Both interest and principal are repaid at the end of the 310 days) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $8115 after 70 days What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage Round to the nearest thousandths of a percent (3 decimal places)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 2P

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