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Thrifty Home Loan Corp. uses the discount method of calculating finance charges. For the two loans ...

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Thrifty Home Loan Corp. uses the discount method of calculating finance charges. For the two loans ...

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

Edition: 16^th

Authors: Deitz, Southam

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