Question: A man has a simple discount note for $6400, at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interest

A man has a simple discount note for $6400, at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interest rate? (Round to the nearest tenth of a percent) (USE THE BANKERS RULE)The effective interest rate is __%(Round to the nearest tenth of a percent as needed)

Score: 0 of 4 pts 19 Of 20 (18 complete) 11.3.5 iQuestion Help A man has a simple discount note for $6,400, at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.) The effective interest rate is 1% . (Round to the nearest tenth of a percent as needed.)

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!

A man has a simple discount note for $6,400, at an ordinary bank discount rate of 8.84%, for 60 days. What is the effective interest rate? Round to the nearest tanth of a percent. The effective...

A man has a simple discount note for $6,400, at an ordinary bank discount rate of 8.72%, 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 $6,400 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.

A man has a simple discount note for $6400, at an ordinary bank discount rate of 8.53 %, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's...

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...

1-Find the maturity value of a loan of $2,300.00 after three years. The loan carries a simple interest rate of 7.7% per year. The maturity value of a loan is $---- 2-A man needed money for college....

A man has a simple discount note for $6,200, at an ordinary bank discount rate of 8.61%, for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. * The effective...

Rawan Ahmad & 01/06/21 6:29 PM Homework: Chapter 0 Homework - Math Review Score: 0 of 1 pt X Discounting Notes-1 (similar to) 6 of 8 (6 complete) Save HW Score: 62.5%, 5 of 8 pts A man has a simple...

Question list , K , A home - decorating company is determining the amount of fabric required for a customer's window treatments. A single window requires 1 3 2 3 yards and a double window requires 1...

Consider the eight-point decimation-in-time (DTI) flow graph in figure. (a) What is the gain of the ?signal path? that goes from x(7) to X(2)? (b) How many paths leads from the input to a given...

Moreton Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June 2020. The fair value of plan assets (1/7/2019) is...

The following table contains prices and dividends for a stock . Al prices are ather the dividend has been paid. If you bought the stock on Jaruary 1 and sold I on December 3 1 , what is your reatrod...

The Network Structure is also known as location departmentalisation, which is a logical structure for a business that manufactures and sells its goods in different regions. Select one: True False

2. Now list, after going through a-c, three things that you want to be the impres-sion you want others to be left with after meeting you, and that you want to be lasting over time. List four points...

Relax your shoulders

Keep your head straight on your shoulders