Question
Bill Blank signed an $7,060 note at Citizen's Bank. Citizen's charges a 6.20%discount rate. Assume the loan is for 300 days. a. Find the proceeds.
Bill Blank signed an $7,060 note at Citizen's Bank. Citizen's charges a 6.20%discount rate. Assume the loan is for 300 days.
a.Find the proceeds. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)
b.Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.)
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
