I = Po*r*t = 6400*(0.0853/360)*40 = $60.66.
Effective rate = (60.66/6400) * 100% = 0.95%.
a man has a simple discount note for $6,400 at an ordinary bank discount rate of 8.53% for 40 days what is the effective interest rate
5 answers
weiners
Find rhe effective rate of interest on a 12,000, 120-day, 12% discounted.
Why do you use 360 and not 365?
What is the effective interest rate of a simple discount note for $31 comma 40031,400, at an ordinary bank discount rate of 1111%, for 1010 days? Assume that there are 360 days in a year.
1 answer