Ask Question
3 September, 01:56

Justin discounts a 115-day note for $26,000 at 8.5%. the effective rate of interest to the nearest tenth percent is:

+2
Answers (1)
  1. 3 September, 04:41
    0
    8.7%

    $26,000 x. 085 x 115/360 = $705.97

    $26,000 - $705.97 = $25,294.03

    $25,294.03 x 115/360 = $8080.04

    $705.97/$8080.04 = 8.7%
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Justin discounts a 115-day note for $26,000 at 8.5%. the effective rate of interest to the nearest tenth percent is: ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers