Business Math? Help Me please!!!!?

Question

use ordinary Interest as needed.

1) Bernie Hercher borrowed 8,000 for 180 days from Lion bank. The bank discountedd a note at 5%. What Proceeds does Bernie receive? And, Calculate the effective rate to the nearest hundredth percent.

2) Ron Prentice bought goods fro mShelly Katz. On May 8th Shelly gave Ron a time extension on his bill by accepting a 3,000, 8%, 180 day note. On August 16, Shelly dicounted the note at the bank at 9%. what proceeds does shelly katz receive?

3) On May 12, Scott Rinse accepted 8,000, 12%, 90 day note for a time extension of a bill for goods bought by Ron Prentice. On June 12 Scott discounted the note at Able bank at 10%What proceeds does scott receive?

Answer 1

once a cheater always a cheater.

Answer 2

Interests are always calculated annually so you have to take your % X 12 then break it down to how many days the loan was. I would normally do it for you but it`s Friday night and ....well I don`t feel like it. You should try your question in the small business category or the math category. Maybe you'll find a nerd there who`s not too tired.