Find the rate of interest (to the nearest hundredth of a percent) on a 90 day...

 

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Find the rate of interest (to the nearest hundredth of a percent) on a 90 day simple interest note if the face value is $900 and you pay $21.75 in interest. 2. What is present value of a 180 day simple interest note at 8.35% if the maturity value is $15,170.63? 3. The maturity value is $24,000 on a 12.57% simple interest note due on September 15th. What is the note's present value when it was made on June 15th? 4. A borrower signed a note with the face value (maturity value) of $50,000 at .5% discount rate and received $46,361.11 in proceeds. Find the term (length) of the note in months. 5. George signed a note with a face value (Maturity Value) of $22,000 for 180 days and received proceeds of $18,671.35. Find the discount rate. 6. A mail-order firm signed a 60-day discount note with a face value (maturity value) of $16,500 and a discount rate of 12.4%. How much will the bank receive as their discount? 7. The bank's discounted AB Inc's $9,000 note by $50. How much did the AB Inc receive from the bank? 8. The proceeds (amount received by borrower) from a 180-day note with a discount rate of 12% were $400. What was the face value (maturity value) of the note? 9. SCAM Bank falsely advertises a "special low rate" on a 90 day discount loans. Your accept a $20,000 loan and receive $9,500 after their discount. What is the real annual interest rate? Find the rate of interest (to the nearest hundredth of a percent) on a 90 day simple interest note if the face value is $900 and you pay $21.75 in interest. 2. What is present value of a 180 day simple interest note at 8.35% if the maturity value is $15,170.63? 3. The maturity value is $24,000 on a 12.57% simple interest note due on September 15th. What is the note's present value when it was made on June 15th? 4. A borrower signed a note with the face value (maturity value) of $50,000 at .5% discount rate and received $46,361.11 in proceeds. Find the term (length) of the note in months. 5. George signed a note with a face value (Maturity Value) of $22,000 for 180 days and received proceeds of $18,671.35. Find the discount rate. 6. A mail-order firm signed a 60-day discount note with a face value (maturity value) of $16,500 and a discount rate of 12.4%. How much will the bank receive as their discount? 7. The bank's discounted AB Inc's $9,000 note by $50. How much did the AB Inc receive from the bank? 8. The proceeds (amount received by borrower) from a 180-day note with a discount rate of 12% were $400. What was the face value (maturity value) of the note? 9. SCAM Bank falsely advertises a "special low rate" on a 90 day discount loans. Your accept a $20,000 loan and receive $9,500 after their discount. What is the real annual interest rate?

Answer rating: 100% (QA)

1 To find the rate of interest on a 90day simple interest note we can use the formula Interest Principal Rate Time Given Principal face value 900 Interest 2175 Time 90 days Plugging in the values into ... View the full answer