Question: Brandi Lee signed a $ 3 0 , 0 0 0 simple discount promissory note at the Signature Bank. The discount rate was 1 3
Brandi Lee signed a $ simple discount promissory note at the Signature Bank. The discount rate was ordinary interest, and the note was made on August for days.
a What proceeds did Brandi receive on the note?
Face Value
Rate
Time days
Bank discount
Proceeds
b What was the maturity date of the loan?
Date loan was made
Maturity date
c What was the effective interest rate of the note? Round the answer to the nearest
hundredth of a percent.
Effective Rate
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