Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms: $19,500 at 8% for 2 years. Use ordinary interest as needed.
a. Calculate the simple interest note proceeds.
Can someone help me?
Simple interest note proceeds $
b. Calculate the simple discount note proceeds.
Simple discount note proceeds $
2 answers
900.38
Find the simple interest owed for the use of the money. Assume 360 days in a year.
P=$5000.00, R=8.5%, T=9 months
P=$5000.00, R=8.5%, T=9 months