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Find the effective rate rounded to the nearest hundredth

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Reference no: EM131622910

Question: Shanquayle Jenkins needs to calculate the effective interest rate of a simple discount note for $19,750, at an ordinary bank discount rate of 7.82%, for 90 days. Find the effective rate rounded to the nearest hundredth

2. Matt Crouse needs to calculate the effective interest rate of a simple discount note for $12,800, at an ordinary bank discount rate of 8.75%, for 150 days. Find the effective rate rounded to the nearest tenth of a percent.

Reference no: EM131622910

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