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Home Q & A Board Science-Related Homework Help Mathematics
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jscubs1 jscubs1
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A year ago
Thrifty Home Loan Corp. uses the discount method of calculating finance charges. For the two loans below, calculate the discount amount that Thrifty is charging and the proceeds that go to the borrower. Then calculate the actual interest rate which is based on proceeds rather than the face value. Use a 360-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.
$5,000
9%
135 days
________
________
________
b.
$3,480
8%
270 days
________
________
________
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
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ggianolaggianola
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A year ago
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jscubs1 Author
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Correct Slight Smile TY
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