Question: A man has a simple discount note for $6,100,at an ordinary bank discount rate of 8.84% ,for 60days. What is the effective interestrate? Round to

A man has a simple discount note for $6,100,at an ordinary bank discount rate of 8.84% ,for 60days. What is the effective interestrate? Round to the nearest tenth of a percent.(Use thebanker's rule.)

The effective interest rate is %.(Round to the nearest tenth of a percent asneeded.)

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 Mathematics Questions!

ssic Do Homework - Chapter 0 Homework - Google Chrome X X Allege mathxl.com/Student/PlayerHomework.aspx?homeworkld=590486202&questionld=1&flushed=true&cld=6403609¢erwin=yes Accounting Prac for...

A man has a simple discount note for $6, 100, at an ordinary bank discount rate of 8.61%, for 50 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's...

A man has a simple discount note for $0, 100, at an ordinary bank discount rate of 8 72%, for 40 days What is the effective interest rate? Round to the nearest tenth of a percent (Use the banker's...

A man has a simple discount note for $6, 600, at an ordinary bank discount rate of 8.53%, for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. The effective...

A man has a simple discount note for $6, 500, at an ordinary bank discount rate of 8.72%, for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. The effective...

A man has a simple discount note for $6, 500 6,500 , at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interestrate? Round to the nearest tenth of a percent.

A man has a simple discount note for $6,600, at an ordinary bank discount rate of8.61%, for40days. What is the effective interest rate? Round to the nearest tenth of a percent. The effective interest...

A man has a simple discount note for $6 comma 200, at an ordinary bank discount rate of 8.61 % comma for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent.

What is the effective interest rate of a simple discount note for $30,800, at an ordinary bank discount rate of 14%, for 20 days? Round to the nearest tenth of a percent.

MAT 105S: Coreq Remed for Business Math (4222_E0Z1) Chapter11 review 4. Find the exact interest on a loan of $4,000 at 8% annually for 70 days. Question content area bottom $enter your response here...

S: 81. Photosynthesis is the pathway used to synthesize carbohydrates from: sunlight, CO2, and H20. sunlight. CO2 e sunlight, CO2, and O2. 02 are used to reduce 2. In the overall reactions of...

(a) Show that the radius for a circular orbit of a synchronous (24-h) Earth satellite is about 6.6 Earth radii. (b) The distance to the Moon is about 60.3 Earth radii. From this calculate the length...

9 Every year, Patrick shares 280 oranges between his children in the ratio of their ages. This year, the children are 3, 7 and 10 years old. How many more oranges will the youngest child receive in...

2023 1040 form 1.Phillip and Claire are married and file a joint return. Phillip is self-employed as a real estate agent, and Claire is a flight attendant. Phillip and Claire have three dependent...