You are an officer at the bank. Find a classmate's initial post that has not yet been replied to by a fellow classmate. Using several sentences, write up an offer to your classmate's business for a discount note to purchase their asset(s) instead of a simple interest loan. Offer your classmate's business a simple discount note for the total price of the asset(s) at an ordinary bank discount rate of 4% for 90 days. Calculate the bank discount, proceeds, and effective interest rate. Show all steps in your calculations.

Using several sentences, discuss with your classmate the differences between the simple interest loan and the bank discount note you are offering.

Include these items in your post:

• Discount note offer
• Total price of asset(s) purchased
• Bank discount, proceeds, and effective interest rate
• Steps in calculation
• Discussion of differences

 

My retail store Kratos Fit, I decided that we needed to make some updates. We added things to make it more efficient with music and intercom pods, registers and make the process much quicker and accessible to the customer. With the update, customers can use card, touch card, cash and a QR code, the pods will not only play music but employees can communicate with each other. With that being said we purchased to new all in one printer, iPads, accessories and stands, we didn't need to purchase the Apple Business account since we already have one, it was just new products. Received a loan from the bank with a 4.5% annual rate.  Beginning January 30th and end on July 31st.They are all listed below:

2 New IPad Pros =$1099*2=$2,198

2 Square Terminals=$299.99*2=$599.98

Back Office Safe=$1,031.99

2 IPad Pens =$129*2=$258

2 IHome Pods =$299*2=$598

2 Stands=$149*2=$298

2 All in One Printers=$699.99*2=$1,399.98

2 Mac Book Pros=$1,999*2=$3998

2 Cash Drawers=$134.99*2=$269.98

Total: $10,652.93 for 17 items. 

P-$10,652.93

Annual Rate-4.5%

Amount of time allotted- July 31st, 212- January 30th, 30=182 Days

$10,652.93*.045*182/365=

Answer rating: 100% (QA)

Hello I see youre looking to purchase some new equipment and technology for your retail store Kratos ... View the full answer