Question
What is the effective interest rate of a simple discount note for $25,800, at an ordinary bank discount rate of 11%, for 20 days? Assume
What is the effective interest rate of a simple discount note for $25,800, at an ordinary bank discount rate of 11%, for 20 days?
Assume that there are 360 days in a year.
The effective interest rate is ___% (Round to the nearest tenth as needed.)
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Calculus Single And Multivariable
Authors: Deborah Hughes Hallett, Andrew M Gleason, William G McCallum
8th Edition
1119783267, 9781119783268
