Find the discount and proceeds on a $3,250 face-value note for six months if the discount rate is 9.6%. (Use the banker's rule.) The discount is $ (Round to the nearest cent as needed.). The proceeds are $(Round to the nearest cent as needed.)
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- Find the discount and proceeds on a $3,240 face-value note for six months if the discount rate is 9.5%. (Use the banker's rule.) The discount is $ (Round to the nearest cent as needed.)Find the discount and proceeds on a $3,250 face-value note for nine months if the discount rate is 9.2%. (Use the banker's rule.) Question content area bottom The discount is ???(Round to the nearest cent as needed.) Part 2 The proceeds are ???(Round to the nearest cent as needed.)Find the discount and proceeds on a $3,260 face-value note for three months if the discount rate is 9.3%. (Use the banker's rule.) The discount is $ (Round to the nearest cent as needed.) The proceeds are S (Round to the nearest cent as needed.)
- A man makes a simple discount note with a face value of $2,500, a term of 120 days, and an 18% discount rate. Find the discount. (Use the banker's rule.) The discount is $ (Round to the nearest dollar as needed.)Calculate the bank discount and proceeds for the following simple discount note. Use the ordinary interest method, 360 days, when applicable. Round your answers to the nearest cent. Face Value Discount Rate (%) Term Bank Discount Proceeds $32,000 10.05 6 months $ $The face value of a simple discount note is $17,000. The discount is 4% for 160 days. Calculate the following.a. Amount of interest charged for each note. (Round your answer to the nearest cent.) Amount of interest b. Amount borrower would receive. (Round your answer to the nearest cent.) Amount receive c. Amount payee would receive at maturity. Amount receive at maturity d. Effective rate (Round your answer to the nearest tenth percent.) Effective rate %
- If you sign a discount note for $9,500 at a bank discount rate of 9% for 3 months, what is the effective interest rate (as a %)?Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary interest method, 360 days, when applicable. (Round your answers to the nearest cent.) Face Value Discount Rate (%) Term Bank Discount Proceeds $85,000 9.85 11 months $ $Determine the finance charge for a credit card that has the given average daily balance and interest rate. Average daily balance: $754.4; monthly interest rate: 4%. Round your answer to the nearest hundredth percent.
- If you sign a discount note for $7,500 at a bank discount rate of 5% for 3 months, what is the effective interest rate? Round to the nearest tenth percent. Step 1 The effective interest rate is the actual interest rate charged on a discounted note and takes into account the fact that the borrower does not receive the full amount of the principal. It is calculated using the bank discount, the proceeds, and time. The bank discount is calculated as follows where the discount rate is given as a decimal and the time will be a fraction whose numerator is the given amount of time in months and denominator is 12 months. bank discount = face value ✕ discount rate ✕ time The rate was given to be 5%. As a decimal, we have . Calculate the bank discount (in $) for the $7,500 promissory note at a discount of 5% for 3 months. bank discount = face value ✕ discount rate ✕ amount of time in months 12 months = $7,500 ✕ ✕ 3 12 = $You sign a simple discount promissory note for $7,000 at a discount rate of 7%, for 24 months. What are the proceeds (in $)?A bank wishes to earn a 17% simple interest in discounting notes. If the term of the discount is 3 years and 9 months, what simple discount rate should be used?