Aquamarine436
Aquamarine436 Aquamarine436
  • 02-08-2017
  • Business
contestada

Jay discounts a 100-day note for 25000 at 13%. The effective rate of interest to the nearest hundredth percent is?

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Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 02-08-2017
I assume that there are 360 days in a year.
Simple discount
25,000×0.13×(100÷360)=902.78

Cash in hand at the beginning of 100 days is
25,000−902.78=24,097.22

Effective rate of interest is
902. 78=24097.22×r×(100÷360)
Solve for r
r=902.78÷(24,097.22×(100÷360))
r=0.1349×100
r=13.49%.....answer
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sakhilemdletshesm
sakhilemdletshesm sakhilemdletshesm
  • 26-11-2019

Answer:

13.49%

Explanation:

Please see attachment .

Ver imagen sakhilemdletshesm
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