Question: Paul and sandy Modi signed a $7,690 note at citizens bank. Citizens charges a 6.4% discount rate. Assume the loan is for 320 days. a.

Paul and sandy Modi signed a $7,690 note at citizens bank. Citizens charges a 6.4% discount rate. Assume the loan is for 320 days.

a. find the proceeds. (use 360 days a year. round your intermediate calculations and final answer to the nearest cent.)

b. find the effective rate changed by the bank. (use 360 days a year. Do NOT round intermediate calculations. Round your answer to the nearest tenth percent.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Bill Blank signed an $8,150 note at Citizens Bank. Citizens charges a 6.4 % discount rate. Assume the loan is for 310 days. Find the proceeds. Find the effective rate charged by the bank.

4 30points value Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms: $19,500 at 8% for 2 years. Use...

answer all questions plzz 4. value 3.00 points Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms:...

plzz answer all questions Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount e. Both had the same terms $19,500 at 8% for 2 years. Use...

velue: 416 points Bill Blank signed an S7690 note at Citizen's Bank Citizen's charges a 62 % discount rate Assume the loan is for 320 days a. Find the proceeds. (Do not round intermediate...

Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate...

1- Bill Blank signed an $7,500 note at Citizens Bank. Citizens charges a 5.4% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate...

7.value: 9.09 points Bill Blank signed an $8,650 note at Citizens Bank. Citizens charges a 4.5% discount rate. Assume the loan is for 320 days. a. Find the proceeds. (Use 360 days a year. Round your...

#2 Bill Blank signed an $7,590 note at Citizens Bank. Citizens charges a 2.5% discount rate. Assume the loan is for 320 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate...

Bill Blank signed an $ 7 , 2 0 0 note at Citizen s Bank. Citizen s charges a 2 . 5 0 % discount rate. Assume the loan is for 3 2 0 days. a . Find the proceeds. ( Use 3 6 0 days a year. Do not round...

The "Lido di Lugano" plans to build a new swimming pool according to the following two rules: 1. It should take the pool attendant 72 s to walk once around the pool at a comfortable speed of 8.2...

6. Random is used to increase the representative- ness of one's sample, whereas random is used to help eliminate a potential confound: differences between people. a. sampling; selection b....

ation Go Bock Vhat is the most challenging and important input to an bsolute valuation model? Calculating the Beta Calculating the WACC Forecasting long torm futire cash tilows About Us | Privacy...

Sanchez Company has 35,000 shares of 2% preferred stock of $100 par and 89,000 shares of $50 par common stock. The following amounts were distributed as dividends: Year 1 $558,000 Year 2 $417,000...

Message Strategies: Informational Reports; Media Skills: Wiki Writing [LO-1], [LO-2] The use of social networks by employees during work hours remains a controversial topic, with some companies...

Message Strategies: Informational Reports [LO-5] Anyone contemplating stock market investing is likely to shudder at least a little bit at the markets penchant for taking a tumble now and again. Your...

Message Strategies: Proposals; Collaboration: Team Projects [LO-7], Chapter 2 Break into small groups and identify an operational problem occurring at your campusperhaps involving registration,...