Question: A loan of 10,000 is repayable in 91 days at a simple rate of interest of 8% per annum. Assuming that 1 year is

A loan of 10,000 is repayable in 91 days at a simple

A loan of 10,000 is repayable in 91 days at a simple rate of interest of 8% per annum. Assuming that 1 year is equivalent to 365 days, calculate: the amount repayable in 91 days; the effective rate of discount per annum; the equivalent nominal rate of interest per annum convertible quarterly. (i) (ii)

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