(a) If you were lent 9,000 for 99 days at 6%, how much interest would you pay? (b) If a...
(a) If you were lent £9,000 for 99 days at 6%, how much interest would you pay? (b) If a debt factor offered to discount an £14,000 bill of exchange at 8%, and if the bill had an outstanding period of 30 days, how much would the debt factor pay for the bill?
a To calculate the interest paid on a loan you can use the formula for simple interest Interest Prin…View the full answer
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