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a note with a face value of 9000 was discounted at 5% , if the discount was $185, find the lenght if the loan in days. answer is 150 days

a note with a face value of 9000 was discounted at 5% , if the discount was $185, find the lenght if the loan in days. answer is 150 days

Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter6: Vector Spaces
Section6.7: Applications
Problem 16EQ
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a note with a face value of 9000 was discounted at 5% , if the discount was $185, find the lenght if the loan in days.

answer is 150 days

 

FORMULAS - CH. 4-1332 COMPOUND INTEREST Formula for interest Paid n Times per Year SIMPLE INTEREST 1) I= Prt 2) A=P+ Prt 3) A= P(1 + rt) APR 4) A=P|1+ n 5) CONTINUOUS COMPOUNDING A =P•e (APR x Y) or A= Pet ANNUAL PERCENTAGE YIELD APR 7) APY = 1+- 6) APY - (year end balance- starting balance) x100% = (1 + APR + n)" - 1 Calculator Starting balance SAVINGS PLANS APR APR -1 n 8) A- PMT× 9) PMT = Ax APR 1+ APR -1 = PMT ((1 + APR + n)Y – 1) = (APR - n) = A(APR + n) - ((1 + APR + n)Y – 1) Calculator Calculator LOAN PAYMENT FORMULA APR 10) PMT = P x APR 1-|1+ n =P (APR + n) - (1 - (1+ APR + n) nY Calculator (A - P) 11) TOTAL RETURN = P. 12) ANNUAL RETURN = -1 Where P=Principal r= annual rate t= time in years A = Amount or future value I= Interest APR - Annual Percentage Rate (as a decimal) n- number of compounding period per year Y = number of years PMT = regular payment
Transcribed Image Text:FORMULAS - CH. 4-1332 COMPOUND INTEREST Formula for interest Paid n Times per Year SIMPLE INTEREST 1) I= Prt 2) A=P+ Prt 3) A= P(1 + rt) APR 4) A=P|1+ n 5) CONTINUOUS COMPOUNDING A =P•e (APR x Y) or A= Pet ANNUAL PERCENTAGE YIELD APR 7) APY = 1+- 6) APY - (year end balance- starting balance) x100% = (1 + APR + n)" - 1 Calculator Starting balance SAVINGS PLANS APR APR -1 n 8) A- PMT× 9) PMT = Ax APR 1+ APR -1 = PMT ((1 + APR + n)Y – 1) = (APR - n) = A(APR + n) - ((1 + APR + n)Y – 1) Calculator Calculator LOAN PAYMENT FORMULA APR 10) PMT = P x APR 1-|1+ n =P (APR + n) - (1 - (1+ APR + n) nY Calculator (A - P) 11) TOTAL RETURN = P. 12) ANNUAL RETURN = -1 Where P=Principal r= annual rate t= time in years A = Amount or future value I= Interest APR - Annual Percentage Rate (as a decimal) n- number of compounding period per year Y = number of years PMT = regular payment
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