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To complete the sale of a house, the you accept a 310-day note for $8000 at 6% simple intent (Both interest and principal are repaid at the end of the 310 days) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $8115 after 70 days What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage Round to the nearest thousandths of a percent (3 decimal places)

To complete the sale of a house, the you accept a 310-day note for $8000 at 6% simple intent (Both interest and principal are repaid at the end of the 310 days) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $8115 after 70 days What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage Round to the nearest thousandths of a percent (3 decimal places)

Essentials Of Investments
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
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To complete the sale of a house, the you accept a 310-day note for $8000 at 6% simple intent (Both interest and principal are repaid at the end of the 310 days) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $8115 after 70 days What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage Round to the nearest thousandths of a percent (3 decimal places)
Transcribed Image Text:To complete the sale of a house, the you accept a 310-day note for $8000 at 6% simple intent (Both interest and principal are repaid at the end of the 310 days) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $8115 after 70 days What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage Round to the nearest thousandths of a percent (3 decimal places)
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