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Home Q & A Board Science-Related Homework Help Mathematics
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HoracioMo HoracioMo
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2 weeks ago
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
________
________
________
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
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Moh1995abdelMoh1995abdel
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2 weeks ago
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More solutions for this book are available here

 
Discount
 
Actual Interest
 
Amount
Proceeds
Rate
a.
$347.19
$5,864.81
9.00%
b.
$123.66
$4,761.34
7.90%
1

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HoracioMo Author
wrote...

2 weeks ago
this is exactly what I needed
emilyas19
wrote...

Yesterday
Good timing, thanks!
wyq2651
wrote...

2 hours ago
Thanks
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