Find the discount and proceeds on a $66,900.00 face-value note for 100 days if t

Business & Finance
Tutor: None Selected Time limit: 1 Day

Find the discount and proceeds on a $66,900.00 face-value note for 100 days if the discount rate is 9.75%. 

A) Discount = $1811.88 Proceeds = $65,088.12 

B) Discount = $0.00 Proceeds = $66,900.00 

C) Discount = $6522.75 Proceeds = $60,377.25 

D) Discount = $1787.05 Proceeds = $65,112.95

Apr 26th, 2015

Discount for 1 year = 66900× 9.75%

    = 6522.75

Hence discount for 100 days = 6522.75×100/365 = 1787.05

Correct option : D

Apr 26th, 2015

Georgia agrees to lend money to Matt at a special interest rate of 9.9% per year, on the condition that he borrow enough that he would pay her $573 in interest over a 9 month period. What was the minimum amount Matt could borrow? 

A) $8681.82 

B) $6945.45 

C) $7652.86 

D) $7717.17

Apr 26th, 2015

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