An employee borrows $7000 from a bank to purchase some household items. She plans to repay...

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An employee borrows $7000 from a bank to purchase some household items. She plans to repay the loan with a bonus she is supposed to receive in 75 days. If she borrows the money at 10.0% find the discount and the proceeds. Use banker's interest of 360 days The discount is $ (Round to the nearest cent.) The proceeds of the note are $ CITED An employee borrows $7000 from a bank to purchase some household items. She plans to repay the loan with a bonus she is supposed to receive in 75 days. If she borrows the money at 10.0% find the discount and the proceeds. Use banker's interest of 360 days The discount is $ (Round to the nearest cent.) The proceeds of the note are $ CITED

Answer rating: 100% (QA)

Answer Discount Rate Were given a yearly discount rate of 106 However the loan term is for 71 days T... View the full answer