Bank Discount (assuming there are 360 days in a year)

1. What are the bank discount and the proceeds if Gen settles her debt of $3.700 at the end of 90 days at a discount rate of 13%?

2. Find the discount rate if you get only $1,803.75 when you borrow $1,850 for 120 days.

3. Find the equivalent rate of interest for a discount rate of 7.5% for 60 days.

4. An interest rate of 15.5% was offered to Tim on a loan for 6 months, but he was thinking of a comparable discount rate. What would that discount rate be?

5. Bryan received a promissory note for lending $3,000 for 90 days at 13% simple interest. If this note is sold to a bank charging 11% interest, would Bryan make any money, and how much would the bank make?