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White River Bank made the following loan using a discount rate to compute the charge and then loaned the proceeds to their clients. Compute
White River Bank made the following loan using a discount rate to compute the charge and then loaned the proceeds to their clients. Compute the amount of discount, the proceeds, and the actual interest rate based upon the proceeds rather than the face value. Use a 360-day year and compute actual rates to the nearest 1/100 of a percent. Actual Facel Discount Discount Interest Value Rate Time Amount Proceeds Rate $4,090 11% 120 days O $149.97; $3,940.03; 11.62% O $147.91; $3,942.08; 11.4% $149.97; $3,940.03; 11.42% $150.97: $3.939.03: 11.41%,
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