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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International financial management
Authors: Jeff Madura
13th edition
978-1337099738, 1337099732, 9781337515894, 1337515892, 978-1337587211
