Question: 7.value: 9.09 points Bill Blank signed an $8,650 note at Citizens Bank. Citizens charges a 4.5% discount rate. Assume the loan is for 320 days.

7.value: 9.09 points Bill Blank signed an $8,650 note at Citizens Bank. Citizens charges a 4.5% discount rate. Assume the loan is for 320 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds $ b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate %

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Paul and Sandy Moede signed an $7,370 note at Citizen's Bank. Citizen's charges a 4.5% discount rate. Assume the loan is for 290 days. a. Find the proceeds. (Use 360 days a year. Round your...

Paul and Sandy Moede signed an $ 8 , 6 5 0 note at Citizen's Bank. Citizen's charges a 4 . 5 % discount rate. Assume the loan is for 3 2 0 days. a . Find the proceeds. Note: Use 3 6 0 days a year....

Paul and Sandy Moede signed an $ 8 , 6 0 0 note at Citizen s Bank. Citizen s charges a 4 . 5 % discount rate. Assume the loan is for 2 9 0 days. Find the proceeds. Note: Use 3 6 0 days a year. Round...

Paul and Sandy Moede signed an $8,600 note at Citizens Bank. Citizens charges a 4.5% discount rate. Assume the loan is for 290 days. a. Find the proceeds. (Use 360 days a year. Round your...

Checy work Paul and Sandy Moede signed an $8,000 note at Citizen's Bank. Citizen's charges a 6.50% discount rate. Assume the loan is for 300 days. a. Find the proceeds. (Use 360 days a year. Round...

Paul and Sandy Moede signed an $8,000 note at Citizen's Bank. Citizen's charges a 6.50% discount rate. Assume the loan is for 300 days. a. Find the proceeds. Note: Use 360 days a year. Round your...

Paul and Sandy Moede signed an $7,200 note at Citizen's Bank Citizen's charges a 2.5% discount rate. Assume the loan is for 320 days a. Find the proceeds. (Use 360 days a year. Round your...

Paul and sandy Modi signed a $7,690 note at citizens bank. Citizens charges a 6.4% discount rate. Assume the loan is for 320 days. a. find the proceeds. (use 360 days a year. round your intermediate...

Word Problem 1 1 - 9 ( Algo ) [ LU 1 1 - 1 ( 3 ) ] Paul and Sandy Moede signed an $ 8 . 9 0 0 note at Citizen's Bank. Citizen's charges a 3 . 4 % discount rate. Assume the loan is for 2 6 0 days. o ....

From a manufacturing viewpoint, why is it desirable to use standard fasteners and minimize the variety of fasteners within a given product?

Construct the amortization schedule for a $10,000 debt that is to be amortized in six equal quarterly payments at 2.6% interest per quarter on the unpaid balance.

If a bond otlers an investor 1 1 % in nominal fetum during a year in which the rabe of inflation in 4 x , then the inveibor's neal return is:

Part C: Note: This section is a continuation from Parts A and B of the comprehensive problem. Be sure you have completed Parts A and B before attempting Part C. You may have to refer back to data...