Question on Math Business:
John Baxter signed a promissory note agreeing to pay the bank $950.00 in 45 days. If the bank charged $10.20 for the loan, what was the discount rate?
This depends on how often the interest was compounded. For example, if the interest was compounded continuously over this period, it would be a different (lower) interest rate than if it was never compounded throughout the life of the loan.
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((950/(950-10.2))-1)*100=1.085%
why me
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