Question

The face values of a simple interest note and bank discount note are $8,000 each. Assume both notes have 8.75 percent interest rates for 60 days. Calculate the following:
a. The amount of interest charged for each.
b. The maturity value of the simple interest note.
c. The maturity value of the bank discount note.
d. The amount the borrower receives for the simple interest note.
e. The amount the borrower receives for the bank discount note.


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  • CreatedJuly 31, 2015
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