QUESTION 6 If I have a simple discount note for 75 days (ordinary interest), a discount of $150, and have proceeds of $11,850, what is the discount rate? 125% 6% 62% 127%

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 19E
icon
Related questions
Question
4
QUESTION 6
If I have a simple discount note for 75 days (ordinary interest), a discount of $150, and have proceeds of $11,850, what is the discount rate?
1.25%
Ⓒ6%
Ⓒ6.2%
1.27%
Transcribed Image Text:4 QUESTION 6 If I have a simple discount note for 75 days (ordinary interest), a discount of $150, and have proceeds of $11,850, what is the discount rate? 1.25% Ⓒ6% Ⓒ6.2% 1.27%
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage