Bill Blank signed an $8,900 note at Citizens Bank. Citizens charges a 3.4% discount rate. Assume the loan is for 260 days. A Find the
Bill Blank signed an $8,900 note at Citizens Bank. Citizens charges a 3.4% discount rate. Assume the loan is for 260 days.
A Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds $
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.) Effective rate %
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Authors: Paula H. Song, Kristin L. Reiter
3rd Edition
1567939759, 978-1567939750
