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
Discount for 1 year = 66900× 9.75%
Hence discount for 100 days = 6522.75×100/365 = 1787.05
Correct option : D
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?
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