a note with a face value of 9000 was discounted at 5% , if the discount was $185, find the lenght if the loan in days.answer is 150 days **FORMULAS — CH. 4-1332**### Simple Interest1. $ I = Prt $2. $ A = P + Prt $3. $ A = P(1 + rt) $### Compound Interest- Formula for interest paid n times per year: 4. $ A = P \left(1 + \frac{\text{APR}}{n}\right)^{nt} $- Continuous compounding: 5. $ A = Pe^{(\text{APR} \times Y)} $ or $ A = Pe^{rt} $### Annual Percentage Yield6. $ \text{APY} = \left(\frac{\text{year end balance - starting balance}}{\text{Starting balance}}\right) \times 100\%$7. $ \text{APY} = \left(1 + \frac{\text{APR}}{n}\right)^n - 1 $ $ = (1 + \text{APR} - n)^{1 - 1} $ *[Calculator]*### Savings Plans8. $ A = \text{PMT} \times \left(\frac{\left(1+ \frac{\text{APR}}{n}\right)^{nY} - 1}{\frac{\text{APR}}{n}}\right) $ \[ \text{PMT} ((1 + \text{APR} \div n)^{nY} - 1) + (\text{APR} \div n) \] *[Calculator]*9. $ PMT = A \times \left(\frac{\frac{\text{APR}}{n}}{\left(1 + \frac{\text{APR}}{n}\right)^{nY} - 1}\right) $ \[ A (\text{APR} \div n) - ((1 + \text{APR} \div n)^{nY} - 1) \] *[Calculator]*### Loan Payment Formula10. $ PMT = P \times \left(\frac{\frac{\text{APR}}{n}}{1 - \left(1 + \frac{\text{APR}}{n}\right)^{-nY}}\right) $ \[ P (\text{APR}

In bank discount rate we generally use 360 days for one year.

Answered: a note with a face value of 9000 was…

a note with a face value of 9000 was discounted at 5% , if the discount was $185, find the lenght if the loan in days. answer is 150 days

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

a note with a face value of 9000 was discounted at 5% , if the discount was $185, find the lenght if the loan in days.

answer is 150 days

**FORMULAS — CH. 4-1332**

### Simple Interest
1. $ I = Prt $
2. $ A = P + Prt $
3. $ A = P(1 + rt) $

### Compound Interest

- Formula for interest paid n times per year:
4. $ A = P \left(1 + \frac{\text{APR}}{n}\right)^{nt} $

- Continuous compounding:
5. $ A = Pe^{(\text{APR} \times Y)} $ or $ A = Pe^{rt} $

### Annual Percentage Yield
6. $ \text{APY} = \left(\frac{\text{year end balance - starting balance}}{\text{Starting balance}}\right) \times 100\%$

7. $ \text{APY} = \left(1 + \frac{\text{APR}}{n}\right)^n - 1 $

$ = (1 + \text{APR} - n)^{1 - 1} $

*[Calculator]*

### Savings Plans

8. $ A = \text{PMT} \times \left(\frac{\left(1+ \frac{\text{APR}}{n}\right)^{nY} - 1}{\frac{\text{APR}}{n}}\right) $

\[ \text{PMT} ((1 + \text{APR} \div n)^{nY} - 1) + (\text{APR} \div n) \]

*[Calculator]*

9. $ PMT = A \times \left(\frac{\frac{\text{APR}}{n}}{\left(1 + \frac{\text{APR}}{n}\right)^{nY} - 1}\right) $

\[ A (\text{APR} \div n) - ((1 + \text{APR} \div n)^{nY} - 1) \]

*[Calculator]*

### Loan Payment Formula

10. $ PMT = P \times \left(\frac{\frac{\text{APR}}{n}}{1 - \left(1 + \frac{\text{APR}}{n}\right)^{-nY}}\right) $

\[ P (\text{APR}

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