Banco Pacfico discounted a document of 12,000,000 that expires in 75 days and buy it at 25%.

Banco Pacífico discounted a document of ¢12,000,000 that expires in 75 days and buy it at 25%. After 12 days, he sells the same document at Banco Caribe, which applied a simple discount rate of 24%, but based on exact time. How much did Banco Pacífico earn and how much did Banco Caribe earn in the transaction?

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Banco Pacfico discounted a document of 12000000 that expires in 75 days and bought it at 25 Aft... View the full answer