Find : a)the bank discount, and b) the proceeds if Nick settles his debt of $3700...
Find : a)the bank discount, and b) the proceeds if Nick settles his debt of $3700 at the end of 3 months at an annual discount rate of 13%.
Homework Answers
Part (a) Bank Discount = Principal x Discount rate x time = $ 3,700 x 13% x 3 / 12 = $ 120.25
Part (b) Proceeds = Principal - bank discount = 3,700 - 120.25 = $ 3,579.75
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Find : a)the bank discount, and b) the proceeds if Nick settles
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