Assume ordinary interest, Warren borrowed $14,000 on a

Assume ordinary interest

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Reference no: EM131562541

Warren borrowed $14,000 on a noninterest-bearing, simple discount, 4.5% 60 day note. Assume ordinary interest.

What are:

i. The maturity value,

ii. Bank’s discount,

iii. Warren’s proceeds,

iv. Effective interest rate to the nearest 100th?

Show me how to do it mathematically and not with a calculator on excel.

Reference no: EM131562541

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