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Use a banker's year described above to answer this question. To complete the sale of a house, the you accept a 300-day note for $6,000 at 8% simple interest. (Both interest and principal are repaid at the end of the 300 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $6,198 after 60 days. What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage.

Use a banker's year described above to answer this question. To complete the sale of a house, the you accept a 300-day note for $6,000 at 8% simple interest. (Both interest and principal are repaid at the end of the 300 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $6,198 after 60 days. What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage.

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Use a banker's year described above to answer this question. To complete the sale of a house, the you accept a 300-day note for $6,000 at 8% simple interest. (Both interest and principal are repaid at the end of the 300 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $6,198 after 60 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).
Transcribed Image Text:Use a banker's year described above to answer this question. To complete the sale of a house, the you accept a 300-day note for $6,000 at 8% simple interest. (Both interest and principal are repaid at the end of the 300 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $6,198 after 60 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).
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Use a banker's year described above to answer this question. To complete the sale of a house, the you accept a 340-day note for $8,000 at 8% simple interest. (Both interest and principal are repaid at the end of the 340 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $8,145 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).
Transcribed Image Text:Use a banker's year described above to answer this question. To complete the sale of a house, the you accept a 340-day note for $8,000 at 8% simple interest. (Both interest and principal are repaid at the end of the 340 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $8,145 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).
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