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theroyalty theroyalty
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A year ago
White River Bank made the following two loans using a discount rate to compute the charge and then loaned the proceeds to their clients. Compute the amount of discount, the proceeds, and the actual interest rate based upon the 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.
$4,090
11%
120 days
________
________
________
b.
$3,260
10%
150 days
________
________
________
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
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voltayrevoltayre
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A year ago
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theroyalty Author
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A year ago
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Smart ... Thanks!
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