A real estate agent knows that he will receive a commission of $5,550 from the sale of a property when the deal is completed 35 days from now.  Needing cash today, though, he signs a discount note at a credit union, using his expected commission as the maturity value.  The discount rate is 8%.  Find the effective rate (APR).

Answer rating: 100% (QA)

To find the effective rate or APR Annual Percentage Rate of the discount note w... View the full answer