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To complete the sale of a house, the you accept a 320-day note for $9,000 at 8% simple interest. (Both interest and principal are repaid at the end of the 320 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $9,123 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 320-day note for $9,000 at 8% simple interest. (Both interest and principal are repaid at the end of the 320 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $9,123 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).

Advanced Engineering Mathematics
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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Because simple interest is used on short-term notes, the time period is often given in days rather than months or years. We convert this to years by dividing by 360, assuming a 360 day year called a banker's year.
Transcribed Image Text:Because simple interest is used on short-term notes, the time period is often given in days rather than months or years. We convert this to years by dividing by 360, assuming a 360 day year called a banker's year.
To complete the sale of a house, the you accept a 320-day note for $9,000 at 8% simple interest. (Both interest and principal are repaid at the end of the 320 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $9,123 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 320-day note for $9,000 at 8% simple interest. (Both interest and principal are repaid at the end of the 320 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $9,123 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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