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Advanced MathContemporary Mathematics for Business & ConsumersUsing ordinary interest, 360 days, calculate the bank discount, proceeds, and effective rate for the following simple discount notes. Round effective rate to the nearest hundredth of a percent. Face Discount Term Bank Effective Value Rate (%) (days) Discount Proceeds Rate (%) 14. $95,000 9.7 45 __________ ____________ _______________BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

Publisher: Cengage Learning

ISBN: 9781305585447

Chapter 10.III, Problem 14RE

Textbook Problem

Using ordinary interest, 360 days, calculate the bank discount, proceeds, and effective rate for the following simple discount notes. Round effective rate to the nearest hundredth of a percent.

Face |
Discount |
Term |
Bank |
Effective |
|||||||

Value |
Rate (%) |
(days) |
Discount |
Proceeds |
Rate (%) |
||||||

14. $95,000 | 9.7 | 45 | __________ | ____________ | _______________ |

Contemporary Mathematics for Business & Consumers

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Ch. 10.I - Principal Rate (%) Time Interest...Ch. 10.I - Principal Rate (%) Time Interest...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - Solve the following word problems. Round to the...Ch. 10.I - 43. What is the maturity value of a $60,000 loan...Ch. 10.I - 44. Central Auto Parts borrowed $350,000 at ...Ch. 10.I - 45. Emil Benson missed an income tax payment of...Ch. 10.I - 46. At the City National Credit Union, a , $8,000...Ch. 10.I - 47. Kyle Rohrs borrowed $1,080 on June 16 at ...Ch. 10.II - Telex Electronics borrowed money at 9% interest...Ch. 10.II - Using the ordinary interest method, what is the...Ch. 10.II - What is the time period of a loan for $15,000 at...Ch. 10.II - Rita Peterson borrowed $15,000 at 12% ordinary...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Calculate the missing information for the...Ch. 10.II - Calculate the missing information for the...Ch. 10.II - Calculate the missing information for the...Ch. 10.II - Calculate the missing information for the...Ch. 10.II - Calculate the missing information for the...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - The Actors Playhouse theater borrowed $100,000 at...Ch. 10.II - 34. Steve Perry borrowed $10,000 at ordinary...Ch. 10.II - Pamela Boyd borrowed $20,000 at 6.5% ordinary...Ch. 10.II - 36. The Mutt Hut Pet Shop borrowed $60,000 on...Ch. 10.II - a. How many years will it take $5,000 invested at...Ch. 10.III - Erin Lang signed a $20,000 simple discount...Ch. 10.III - What is the effective interest rate of a simple...Ch. 10.III - Legacy Lumber received a $35,000 promissory note...Ch. 10.III - Bob Schuller purchased $10,000 in U.S. Treasury...Ch. 10.III - Calculate the bank discount and proceeds for the...Ch. 10.III - Calculate the bank discount and proceeds for the...Ch. 10.III - Calculate the bank discount and proceeds for the...Ch. 10.III - Calculate the bank discount and proceeds for the...Ch. 10.III - Calculate the bank discount and proceeds for the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - The following interest-bearing promissory notes...Ch. 10.III - The following interest-bearing promissory notes...Ch. 10.III - The following interest-bearing promissory notes...Ch. 10.III - The following interest-bearing promissory notes...Ch. 10.III - The following interest-bearing promissory notes...Ch. 10.III - Calculate the interest, purchase price, and...Ch. 10.III - Calculate the interest, purchase price, and...Ch. 10.III - Calculate the interest, purchase price, and...Ch. 10.III - Calculate the interest, purchase price, and...Ch. 10.III - Calculate the interest, purchase price, and...Ch. 10.III - Use the ordinary interest method, 360 days, to...Ch. 10.III - Boz Foster signed a $10.000 simple discount...Ch. 10.III - 28. Pinnacle Manufacturing received a $40,000...Ch. 10.III - Christy Thomas purchased $150,000 in U.S. Treasury...Ch. 10 - 1. The price or rental fee charged by a lender to...Ch. 10 - List the three factors that determine the amount...Ch. 10 - Interest calculated solely on the principal amount...Ch. 10 - The interest calculation method that uses 365 days...Ch. 10 - 5. The interest calculation method that uses 360...Ch. 10 - Maturity value is the total payback of principal...Ch. 10 - The first day of a loan is known as the ________...Ch. 10 - Write the formula for calculating simple interest....Ch. 10 - When solving the simple interest formula for...Ch. 10 - 10. The U.S. rule states that when a partial...Ch. 10 - The amount of money that the borrower receives at...Ch. 10 - 12. The actual interest rate charged on a...Ch. 10 - When a note is discounted before maturity, the...Ch. 10 - Discounted short-term loans made to the U.S....Ch. 10 - Using the exact interest method (365 days), find...Ch. 10 - Using the ordinary interest method (360 days),...Ch. 10 - Using the ordinary interest method (360 days),...Ch. 10 - Using the ordinary interest method (360 days),...Ch. 10 - What is the maturity value of the following loans?...Ch. 10 - What is the maturity value of the following loans?...Ch. 10 - From the following information, determine the...Ch. 10 - From the following information, determine the...Ch. 10 - From the following information, determine the...Ch. 10 - From the following information, determine the...Ch. 10 - Compute the principal for the following loans....Ch. 10 - Compute the rate for the following loans. Round...Ch. 10 - Compute the rate for the following loans. Round...Ch. 10 - Compute the rate for the following loans. Round...Ch. 10 - Use the ordinary interest method to compute the...Ch. 10 - Use the ordinary interest method to compute the...Ch. 10 - Calculate the missing information for the...Ch. 10 - Calculate the missing information for the...Ch. 10 - Calculate the missing information for the...Ch. 10 - Using ordinary interest, calculate the missing...Ch. 10 - Using ordinary interest, calculate the missing...Ch. 10 - Using ordinary interest (360 days), calculate the...Ch. 10 - Using ordinary interest (360 days), calculate the...Ch. 10 - The following interest-bearing promissory notes...Ch. 10 - The following interest-bearing promissory notes...Ch. 10 - Calculate the interest, purchase price, and...Ch. 10 - Calculate the interest, purchase price, and...Ch. 10 - Solve the following word problems. Round to the...Ch. 10 - 29. Ronald Brown missed an income tax payment of...Ch. 10 - 30. Katie Chalmers borrowed money from her credit...Ch. 10 - 31. 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