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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Calculate the bank discount and proceeds for the following simple discount notes. Use the ordinary interest method, 360 days, when applicable.

Face Value Discount Rate (%) Term Rank Discount Proceeds
5. $7.800 130 days ———— ————

To determine

To calculate: The amount of bank discount and proceeds by using the ordinary interest method where face value is $7,800, discount rate is 814%, time period is 130 days.

Explanation

Given Information:

Face value is $7,800, discount rate is 814% and time period is 130 days.

Formula used:

Compute the time using the ordinary interest method,

Time=Number of days of a loan360

The formula to compute the amount of bank discount is,

Bank Discount=Face value×Discount Rate×Time

The formula to calculate amount of proceeds is,

Proceeds=Face valuebank discount

Calculation:

Consider that face value of loan is $7,800, discount rate is 814% and time period is 130 days.

Simplify the discount rate as,

814%=334%=8.25%=8.25100=0.0825

Evaluate the time using the ordinary interest method,

Time=Number of days of a loan360=130360

Compute the amount of bank discount by substituting $7,800 for face value, 0

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