Alex borrowed $5,000 on March 25, 2021 and signed a 6 month promissory note with a simple interest rate of r 5 Today (May 7th), the note is sold to a bank for $5,067 10 What simple interest rate, r, did the bank use to determine the proceeds ...

Calculating Banks Simple Interest Rate 1 Timeframe Borrowed on March 25 2021 Sold on May 7 2021 Time ...

Alex borrowed $5,000 on March 25, 2021 and signed a 6-month promissory note with a simple interest

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Alex borrowed $5,000 on March 25, 2021 and signed a 6-month promissory note with a simple interest rate of r = 5%. Today (May 7th), the note is sold to a bank for $5,067.10. What simple interest rate, r, did the bank use to determine the proceeds?

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Intermediate Accounting

ISBN: 978-0176509736

10th Canadian Edition, Volume 1

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

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Posted Date: Feb 29, 2024 11:58 PM

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Alex borrowed $5,000 on March 25, 2021 and signed a 6-month promissory note with a simple interest

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Intermediate Accounting

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