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# First Republic Bank makes many loans to individuals by discounting the face value of the loan. The ...

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First Republic Bank makes many loans to individuals by discounting the face value of the loan. The borrower gets the proceeds. For the two loans below, determine the amount of the discount, the proceeds, and the actual interest rate which is based on the proceeds rather than the face value. Use a 365-day year and compute actual rates to the nearest 1/100 of a percent.

 Actual Face Discount Discount Interest Value Rate Time Amount Proceeds Rate a. $6,212 8.5% 240 days ________ ________ ________ b.$4,885 7.7% 120 days ________ ________ ________
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## Contemporary Business Mathematics for Colleges

Edition: 16th
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Moh1995abdelMoh1995abdel
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HoracioMo Author
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2 weeks ago
 this is exactly what I needed
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 Good timing, thanks!
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