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What is the total amount that joe must repay at that time

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Problem 1: Joe Smith borrowed $72,000 to pay for a startup business. Joe must repay the loan at the end of 10 months in one payment with a 5.5 percent simple interest rate. What is the total amount that Joe must repay at that time? (Do not round intermediate calculations, round final answer to two decimals, i.e. 123.45)

Problem 2: Bill Jones borrowed $8,000 for 90 days from First Bank. The bank discounted the note at 6.6 percent. What proceeds did Jones receive? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Reference no: EM132753528

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