J. Smith has a note with a face value (principal) of $10,000 at 6% for 90 days.

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J. Smith has a note with a face value (principal) of $10,000 at 6% for 90 days. After 30 days, he discounts the note at 8%. What is his effective rate of interest? (round to nearest whole percent)

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Mar 23, 2024 01:47 AM

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J. Smith has a note with a face value (principal) of $10,000 at 6% for 90 days.

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Heres how to calculate the effective rate of interest for J Smiths note 1 Calculate Earned Interest ... View the full answer

Income Tax Fundamentals 2013

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