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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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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
Answered Same Day Aug 24, 2022

Solution

Anushi answered on Aug 24 2022
69 Votes
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: 6 Months
A=...
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