Compute (A) bank discount, (B) proceeds for the following simple discount (use ordinary interest), and (C) the effective interest rate to nearest hundredth percent. Face Value = $12,000, …

bank discount = face value discount rate amount of time in months 12 months = $7,500 3 12 = $ arrow_forward On June 43, Trade Bank loaned a customer $30,000 on a 60-day, 10% note, …

A: Bank discount = Face value*discount rate* term in days/total days Proceeds = Face value - bank… Q: The following interest-bearing promissory note was discounted at a bank by the …

It is calculated using the bank discount, the proceeds, and time. The bank discount is calculated as follows where the discount rate is given as a decimal and the time will be a fraction whose …

A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.61%, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the …

It is calculated using the bank discount, the proceeds, and time. The bank discount is calculated as follows where the discount rate is given as a decimal and the time will be a fraction whose …

Compute bank discount using (A) ordinary interest, (B) proceeds, and (C) effective interest rate to the nearest hundredth. Do not round denominator in your calculation. Face Value Discount …

Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 7%. Use the ordinary interest method. (Use Days in a year table.) (Do not round …

Transcribed Image Text: Drill Problem 11-6 (Algo) [LU 11-2 (1, 2)] Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 10%. Use the …

The face value of a simple interest note and bank discount note is $8,000each. Assume both notes have 8.75 percent interest rates for 60 days.Calculate the following:a. The amount of …