A bank’s simple discount rate is 18%. If one signs a promissory note to pay $6 000 in six months’...

Question

A bank’s simple discount rate is 18%. If one signs a promissory note to pay $6 000 in six months’ time, how much would one receive from the bank now? Determine the equivalent simple interest rate

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Assignment Question
A bank’s simple discount rate is 18%. If one signs a promissory note to pay $6 000 in six months’ time, how much would one receive from the bank now? Determine the equivalent simple interest rate
Solution: 
Step 1
Amount: 6,000
Principal: x
Rate: 18%
Time:

A bank’s simple discount rate is 18%. If one signs a promissory note to pay $6 000 in six months’ time, how much would one receive from the bank now? Determine the equivalent simple interest rate

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