Simple interest usually represents a loan of: O One month or less One year or less O Two years or less O Six months or less None of these A $15,000, 6%, simple interest, 50-day note dated November 8 is discounted at 5% on November 28. The proceeds of the note would be: O $14,936.46 O $15,610.64 O $63.54 O $15,061.98 O None of these ם Justin discounts a 115-day note for $26,000 at 8.5%. The effective rate of interest to the nearest tenth percent is: 0.8% O..87% O 8.5% O 8.7% O None of these
Simple interest usually represents a loan of: O One month or less One year or less O Two years or less O Six months or less None of these A $15,000, 6%, simple interest, 50-day note dated November 8 is discounted at 5% on November 28. The proceeds of the note would be: O $14,936.46 O $15,610.64 O $63.54 O $15,061.98 O None of these ם Justin discounts a 115-day note for $26,000 at 8.5%. The effective rate of interest to the nearest tenth percent is: 0.8% O..87% O 8.5% O 8.7% O None of these
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Simple interest usually represents a loan of:
O One month or less
One year or less
O Two years or less
O Six months or less
None of these
A $15,000, 6%, simple interest, 50-day note dated November 8 is discounted at 5% on November 28. The proceeds of the note would be:
O $14,936.46
O $15,610.64
O $63.54
O $15,061.98
O None of these
ם
Justin discounts a 115-day note for $26,000 at 8.5%. The effective rate of interest to the nearest tenth percent is:
0.8%
O..87%
O 8.5%
O 8.7%
O None of these
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