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Warren borrowed $14,000 on a noninterest-bearing, simple discount, 4.5%, 60 day note. Assume ordinary interest. Find: 1. Maturity value (format as $12,345) 2. Bank's discount
Warren borrowed $14,000 on a noninterest-bearing, simple discount, 4.5%, 60 day note. Assume ordinary interest.
Find:
1. Maturity value (format as $12,345)
2. Bank's discount (format as $12,345)
3. Warren's proceeds (format as $12,345)
4. Effective interest rate to the nearest 100th (format as (12.34%)
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