Question: 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

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 rule.)

Periods

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

1

1.00500

1.01000

1.01500

1.02000

1.02500

1.03000

1.03500

1.04000

1.04500

1.05000

1.05500

2

1.01003

1.02010

1.03023

1.04040

1.05063

1.06090

1.07123

1.08160

1.09203

1.10250

1.11303

3

1.01508

1.03030

1.04568

1.06121

1.07689

1.09273

1.10872

1.12486

1.14117

1.15763

1.17424

4

1.02015

1.04060

1.06136

1.08243

1.10381

1.12551

1.14752

1.16986

1.19252

1.21551

1.23882

5

1.02525

1.05101

1.07728

1.10408

1.13141

1.15927

1.18769

1.21665

1.24618

1.27628

1.30696

6

1.03038

1.06152

1.09344

1.12616

1.15969

1.19405

1.22926

1.26532

1.30226

1.34010

1.37884

7

1.03553

1.07214

1.10984

1.14869

1.18869

1.22987

1.27228

1.31593

1.36086

1.40710

1.45468

8

1.04071

1.08286

1.12649

1.17166

1.21840

1.26677

1.31681

1.36857

1.42210

1.47746

1.53469

9

1.04591

1.09369

1.14339

1.19509

1.24886

1.30477

1.36290

1.42331

1.48610

1.55133

1.61909

10

1.05114

1.10462

1.16054

1.21899

1.28008

1.34392

1.41060

1.48024

1.55297

1.62889

1.70814

11

1.05640

1.11567

1.17795

1.24337

1.31209

1.38423

1.45997

1.53945

1.62285

1.71034

1.80209

12

1.06168

1.12683

1.19562

1.26824

1.34489

1.42576

1.51107

1.60103

1.69588

1.79586

1.90121

13

1.06699

1.13809

1.21355

1.29361

1.37851

1.46853

1.56396

1.66507

1.77220

1.88565

2.00577

14

1.07232

1.14947

1.23176

1.31948

1.41297

1.51259

1.61869

1.73168

1.85194

1.97993

2.11609

15

1.07768

1.16097

1.25023

1.34587

1.44830

1.55797

1.67535

1.80094

1.93528

2.07893

2.23248

Periods

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

5.50%

16

1.08307

1.17258

1.26899

1.37279

1.48451

1.60471

1.73399

1.87298

2.02237

2.18287

2.35526

17

1.08849

1.18430

1.28802

1.40024

1.52162

1.65285

1.79468

1.94790

2.11338

2.29202

2.48480

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 Accounting Questions!

Q:

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...

Q:

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.

Q:

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...

Q:

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...

Q:

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...

Q:

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....

Q:

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...

Q:

1) A man has a simple discount note for $6,500, 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. The effective...

Q:

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...

Q:

nazon.com. Spen... https://im.cdc.gov/i... I CuraScriptSD mym Home - Henry Sche... Post a job | Indeed... pts and Calculations Candice Kiser 01/24/23 7:41 PM \begin{tabular}{ll} 4 Question 4 of 5 , &...

Q:

Prepare a classified balance sheet for Quick Profit Insurance using the balances below (all balances are in JDs). Paid in capital ??? Allowance for doubtful debts 500 000 Unearned premium reserve...

Q:

(1) Suppose e is a number and (o (a) What is the size of the matrix CAT? (b) Find CA A 5 02 10-2 1-3 1 0.

Q:

Please answer The information below pertains to Blossom Company for 2 0 2 1 . Net income for the year 7 % convertible bonds issued at par ( $ 1 , 0 0 0 per bond ) ; each bond is convertible into 3 0...

Q:

In the film, what role does David Carr play at The New York Times? Question 1 options: Administrator Culture reporter Editor - in - Chief Financial reporter

Q:

3.1 Given A = 3E1, E3, E6, E94 , define A.

Q:

3.5 A corporation takes delivery of some new machinery that must be installed and checked before it becomes available to use. The corporation is sure that it will take no more than 7 days for this...

Q:

An investor follows the Dow Jones Industrial index. What are the possible basic outcomes at the close of the trading day?