l T-Mobile LTE Done 11:36 AM ezto.mheducation.com Module 3 Homework On- line Sec

Question

l T-Mobile LTE Done 11:36 AM ezto.mheducation.com Module 3 Homework On- line Sections instructi Question 6 e 25) Save &Exit; 2.00 points Bill Blank signed an $8,480 note at Citizen's Bank. Citizen's charges a o discount rate. Assume the loan is for 260 days. Find the proceeds. (Do not round intermediate calculations. Round your answer to the nearest cent.) of ordinary interest Simple discount note Find the effective rate charged by the bank. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective interest Hints References eBook & Resources Check my work

Explanation / Answer

6) a. principal Rate of interest Time      = Interest Calculation of ordinary interest 8480     * 6.5%    * 260/365   = 392.64 Proceeds: Simple discount note 6.50% b. The effective rate charged by the bank. Effective interest rate interest / principal 392.64/8480 0.0463 4.63%

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