Find the bank discount and proceeds using ordinary interest

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Reference no: EM131988412

Question

A) Find the bank discount and proceeds using ordinary interest for a loan to Michelle Anders for $7,200 at 8.25% annual simple interest from August 8 to November 8.

B) What is the effective interest rate of a simple discount note for $8,000, at an ordinary bank discount rate of 11%, for 120 days?

Reference no: EM131988412

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