Posted by **Wanda** on Tuesday, April 13, 2010 at 1:56pm.

I completed a problem where there was a $7855.00 note at the bank that charges a 14.3 % discount rate. The loan is for 190 days. I found the proceeds to be $7268.31 and the effective rate charged by the bank to be 15.29 %. How do I determine how much money must be paid back to the bank. Is it the original amount of the note or is there a further formula I should use? Thank you.

## Answer This Question

## Related Questions

- Promissory notes - Jack signed a 9000.00 note at fleet bank. Fleet chared a 9 1/...
- math - I need to calculate the effective interest rate of a simple discount note...
- business math - toby signed a simple discount promissory note for $20,000. the ...
- business math - Israel signed a simple discount promissory note for $15,000. The...
- math - 1.Joanne borrowed RM5000 for 180 days at a discount rateof 8 1/2 %.find ...
- math -promissory notes - 1.Joanne borrowed RM5000 for 180 days at a discount ...
- math bus 105 - Calculate (a) interest and maturity value, (b) discount period, (...
- algebra - Mel Sturbridge needs $24,700 to remodel his home. Find the face value ...
- Math Help!!!!! - 4) Jim has been offered a substantial cash discount if he pays ...
- business - In calculating the bank discount when discounting an interest-bearing...

More Related Questions