Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You borrowed $2950 on a 5.2% discounted loan (using ordinary interest) for a period of 70 days. A) What is the loan's discount? B) What

You borrowed

$2950

on a

5.2%

discounted loan (using ordinary interest) for a period of 70 days.\ A) What is the loan's discount?\ B) What is the proceeds you received?\ C) What is the APR (using the US Rule)? (to the nearest hundredth of a percent)\ Upload the file with all your work and answers here: Choose File No file chosen\ Question Help:

Message instructor

image text in transcribed
You borrowed $2950 on a 5.2% discounted loan (using ordinary interest) for a period of 70 days. A) What is the loan's discount? B) What is the proceeds you received? C) What is the APR (using the US Rule)? (to the nearest hundredth of a percent) Upload the file with all your work and answers here: Question Help: Message instructor

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Asian Finance REITs Trading And Fund Performance

Authors: David Lee, Greg N. Gregoriou

1st Edition

0128009861, 978-0128009864

More Books

Students also viewed these Finance questions

Question

6. How do histories influence the process of identity formation?

Answered: 1 week ago