A $9,000, 11 percent, 180 day note, dated March 18, is discounted on July 8. Assuming a 9% discount rate, the bank discount is
2006-07-21 08:19:05 · 6 answers · asked by grrrmtalkinbout 1 in Education & Reference ➔ Homework Help
I'm not sure if I fully understand your question.
Assuming it is compounded daily (it will make a difference if it is compounded monthly, weekly, etc) and that July 8 is the end of the 180 days, then
FV = P(1+r/n)^(n*t)
P = 9000, r = .11, n = 365, n*t = 180
FV = 9000(1+.11/365)^180
FV = 9000(1.05573626268)
FV = 9501.63
Assuming a 9% discount
9501.63(.09)
= 855.15
2006-07-21 09:08:06 · answer #1 · answered by MsMath 7 · 2⤊ 1⤋
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2016-11-25 00:32:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
First of all 11% percent is high - so not much.
2006-07-21 08:24:04 · answer #3 · answered by Wanna-be-Dear-Abby 3 · 0⤊ 0⤋
Yeah right, you have fun doing your homework YOURSELF!
2006-07-21 08:23:34 · answer #4 · answered by The RainMaker 2 · 0⤊ 0⤋
NO MATH QUESTIONS1
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2006-07-21 08:22:22 · answer #5 · answered by Lynne D 3 · 0⤊ 0⤋
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2006-07-21 08:22:50 · answer #6 · answered by Billy W 3 · 0⤊ 0⤋