Find the interest rate to the nearest tenth on the proceeds for the following simple discount notes.

Question:

Find the interest rate to the nearest tenth on the proceeds for the following simple discount notes. $5,000; 8.1%; length of loan 6 months.

Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...