Question
Karen borrows $3700 on March 5, 2010 to be repaid with interest on June 27, 2010. Using Banker's Rule, find the amount due on June
Karen borrows $3700 on March 5, 2010 to be repaid with interest on June 27, 2010. Using Banker's Rule, find the amount due on June 27, 2010 if..
. a)...a 9.5% simple interest rate was used in the transaction. $ 3811.31 Correct: Your answer is correct.
b)...a 9.5% bank discount rate was used in the transaction.
Need help with part b.
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Finance For Non Financial Managers
Authors: Pierre Bergeron
6th Edition
0176501630, 9780176501631
