(a) If you were lent 17,000 for 64 days at 6 per cent, how much interest would...

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(a) If you were lent £17,000 for 64 days at 6 per cent, how much interest would you pay?

(b) If a debt factor offered to discount a £4,000 bill of exchange at 12 per cent, and if the bill had an outstanding period of 120 days, how much would the debt factor pay for the bill?

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a To calculate the interest on a loan you can use the formula Interest Pri...View the full answer

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