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18, 20 please. Notes Using ordinary interest, 360 days, calculate the bank discount, proceeds, and effective rate for the following simple discount notes. Round effective
18, 20 please.
Notes 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 Value Rate(%) Effective (days) Discount Proceeds Rate(%) 14 11. $2,700 126 $132.30 $2,567.70 14.72 12. $6,505 10.39 73 13. $3,800 7.25 140 14. $95.000 45 15. If you sign a discount note for $7,500 at a bank discount rate of 7% for 3 months, what is the effective interest rate? Round to the nearest tenth percent. JUMP START WWW 9.7 The following interest-bearing promissory notes were discounted at a bank by the payee JUMP before maturity. Use the ordinary interest method, 360 days, to calculate the missing START information. WWW Face Interest Date of Term of Maturity Maturity Date of Discount Value Rate(%) Note Note (days) Date Value Discount Period (days) 16. $2,500 12 Mar. 4 70 May 13 $2,558.33 28 Dec. 12 50 Jan. 19 18. $850 13 June 7 125 9 May 10 90 July 5 7.6 Sept. 12 140 Dec. 5 Discount Rate(%) 13 Apr. 15 17. $4,000 10.4 15 Sept. 3 16.5 19. $8,000 20. $1,240 10.2 11.8Step by Step Solution
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