Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kenyatta purchased a $5,000 face value discount note for $4,925. The note will reach maturity in 39 weeks, and the simple discount rate is 2%.
Kenyatta purchased a $5,000 face value discount note for $4,925. The note will reach maturity in 39 weeks, and the simple discount rate is 2%. What is the equivalent simple interest rate? 0 2.00% 0 2.50% 02.09% O 3.90% O 2.03% Leilani is expecting a $786 paycheck in 5 days. A payday lender offers to give her cash now in exchange for this check. The lender's fee is 2% of the amount of the paycheck, plus a $10 service fee. What is the simple discount rate? 0 2.39% O 215.34% 102.15% 238.88% 0 25.72%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started