November 25, 2015

Homework Help: Interest Rates

Posted by Melissa on Monday, March 28, 2011 at 8:01pm.

Homer won a prize in the lottery of $1000, payable $500 immediately and $500 plus 4% simple interest payable in 250 days. Getting impatient, Homer sells the promissory note to Moe for $450 cash after 130 days. Using a nominal 360 day year, find the simple interest rate, rounded to .01, earned by Moe.

Answer this Question

First Name:
School Subject:

Related Questions

More Related Questions