Question: Find the interest rate to the nearest tenth on the proceeds for the following simple discount notes. $5,000; discount rate 8.1%; length of loan 6

Find the interest rate to the nearest tenth on the proceeds for the following simple discount notes. $5,000; discount rate 8.1%; length of loan 6 months.

Step by Step Solution

★★★★★

3.33 Rating (183 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Discount on loan 5000 x 0081 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

68-B-A-T-V-M (1232).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Find the interest rate implicit in a loan of $100,000 that the borrower discharges with two annual installments of $55,307 each, paid at the end of each of the next two years. Required: Calculations...

Find the interest rate (with annual compounding) that makes the statement true (rounded to the nearest dollar) $8,500 grows to $12,161 in 7 years.

Find the interest rate (or rates of return) in each of the following situations. a. You borrow $700 and promise to pay back $749 at the end of 1 year. b. You lend $700 and receive a promise to be...

4,8,11,14,18 fl4 Chunr 13 NOTES AND BANK Duscou NT vey common a business sell 18.3) lo a only the ee the accounts in receivable oney owed to the people the same as those discussed called and who The...

On May 11, a company accepted an $8100 note in settlement of a bill. The note was for 230 days at 7.75% simple interest. If the company sells the note to a loan company at a 10.5% discount 90 days...

Please show work In order to plant Christmas trees in another field, Bill signed a note with a face value of $32,000 at a 11% discount rate. Find the length of the loan in days given that the...

Please show work. In order to plant Christmas trees in another field, Andy signed a note with a face value of $31,000 at a 11% discount rate. Find the length of the loan in days given that the...

18, 20 please. Notes Using ordinary interest, 360 days, calculate the bank discount, proceeds, and effective rate for the following simple discount notes. Round effective rate to the nearest...

9A 9B Calculate the bank discount and proceeds for the following simple discount note. Use the ordinary interest method, 360 days, when applicable. Round your answers to the nearest cent. Face Value...

! Required information [The following information applies to the questions displayed below.] The following financial statement information is from five separate companies. Company Company Company...

Which is the most acidic hydrogen in CH3CH2C = CH?

Atlantic Control Company purchased a machine 2 years ago at a cost of $70,000. The machine is depreciated using a simplified straight line over its class useful life of 7 years. The machine would...

Suppose that the price per unit in dollars of a cell phone production is modeled by p = 6 0 0 . 0 1 2 x , where x is in thousands of phones produced, and the revenue represented by thousands of...

As a training specialist in Winnebago Industry's human resources department, you're always on the lookout for new ways to help employees learn vital job skills. While watching a production worker...

The two most widely used billing systems are (1) pre-billing systems and (2) post-billing systems. a. Discuss the conditions under which each of these billing systems is most appropriate. b. Discuss...

The Ajax Corporation has the following set of projects available to it: *Note: All projects have equal risk. Ajax can raise funds with the following marginal costs: First $250 million..............

The beginning balance sheet of Dealmaker Securities Limited included the following: Long-Term Investments in Affiliates (equity-method investments) ............... $409,000 Dealmaker completed the...

Solve the linear programming model formulated in Problem 41 for Island Publishing Company by using the computer. a. How much would it be worth to Island Publishing Company to obtain enough additional...

Balance of Payments a. What are the main components of the current account? b. What are the main components of the capital account?

General Dynamics develops, produces, and supports innovative, reliable, and highly sophisticated military and commercial products. In July of a recent year, the corporation announced that its Quincy...

Beth Harlan is the CEO of Laffertys Electronics. Harlan is an expert engineer but a novice in accounting. She asks you to explain (1) The bases for comparison in analyzing Laffertys financial...

Jack McClintock, president of McClintock Industries, wishes to issue a press release to bolster his companys image and maybe even its stock price, which has been gradually falling. As controller, you...

Question Set 2: Simple Linear Regression This question set will use the Gentoo.csv file, which can be downloaded from the Canvas page where you downloaded this lab document. This is a subset of the...

Explain why each of the following names does or does not seem like a good variable name to represent a state sales tax rate. moneyCharged Answer 1 Choose... 1 TaxRate Answer 2 Choose... t Answer 3...

1. (a) Show how a missing variable might explain why the slope of the simple estimated CAPM is steeper than the theoretical CAPM would suggest. [15 marks] (b) Which anomalies in equity market pricing...