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Question -
a) Sam Peters needs to calculate the effective interest rate of a simple discount note for $3100, at an ordinary bank discount rate of 8%, for 70 days. Find the effective interest rate rounded to the nearest tenth of a percent.
b) Find the maturity value on a $28,498 face-value note for 182 days if the discount rate is 10%.
c) Satoru Shikasho has a simple discount note for $15,000 at an ordinary bank discount rate of 13.5%, for 140 days. What is the effective interest rate? Round to the nearest hundredth of a percent.
d) Find the discount and proceeds on a $66,900.00 face-value note for 100 days if the discount rate is 9.75%.
e) Find the maturity value on a $7480 face-value note for 226 days if the discount rate is 12%.
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