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Find the discount and proceeds on a $66,900.00 face-value note for 100 days if the discount rate is 9.75%.
discount = face value * discount rate * time face value = $66,900.00 discount rate = 9.75% = 0.0975 t = (100/30)/12 = 3.33/12 = 0.28 discount = $66,900.00 * 0.0975 * 0.28 discount = $1,826.37
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Question|Asked by Tamika2012
Asked 7/13/2016 11:21:42 AM
Updated 66 days ago|7/21/2020 11:05:14 AM
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discount = face value * discount rate * time
face value = $66,900.00
discount rate = 9.75% = 0.0975
t = (100/30)/12 = 3.33/12 = 0.28
discount = $66,900.00 * 0.0975 * 0.28
discount = $1,826.37
Added 66 days ago|7/21/2020 11:05:14 AM
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