Math
posted by Sabrina .
Margaret received $671.50 in cash as proceeds from a loan of $680.00 The discount rate was 10% simple interest. Find the discount period in months.
Hummm. With simple interest, a rate of 10% on $680, in one month the balance would be 680*(1+(0.1/12)) = 685.66666. Ergo, the monthly payment would be 5.66666. So then number of months to make 671.5 would be (671.5/5.66666) = 118.5
Respond to this Question
Similar Questions

Math Business
Janet got 671.50 in cash as the proceeds form a loan of $680. The discount rate was 10% simple interest. Find the discount period. I got 118.5 months but am not sure if I did it correctly. 
Math Help!!!!!
4) Jim has been offered a substantial cash discount if he pays an invoice 60 days earlier. One bank will loan him the needed money at 11% simple interest rate. A second bank will also loan him the money, but at bank discount rate. … 
Math
1. Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vicepresident for finance decided to invest $2,000,000 in a 2month investment that pays 11.5% simple interest. … 
math
1. A 120day simple discount promissory note for $12,000 with a simple discount rate of 9% was signed on July 14. It was discounted on August 30 at 9.5%. Find the proceeds at the time of the sale. 2. 8. A $15,000 Tbill is purchased … 
math/Finance
I want to know the formula to use 1. A 120day simple discount promissory note for $12,000 with a simple discount rate of 9% was signed on July 14. It was discounted on August 30 at 9.5%. Find the proceeds at the time of the sale. … 
math
Home health signed a 90,000 note at 11 1/2% simple interest for 180 days for electronic equipment, on October 1. On February 18, the note was sold to another firm at a discount rate of 12 1/2%. Find a) the discount period, b) the discount, … 
business Math
You were offered the opportunity to purchase either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months. a. Calculate the effective interest rate. (Do not round intermediate calculations. … 
business Math
Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms: $19,500 at 8% for 2 years. Use ordinary interest as needed. a. Calculate the simple interest … 
math 106
In this question we will check if a discount is actually a discount. Say you are to borrow $100 for a year at a simple interest rate of 10%. Determine the discount D and the proceeds P for this loan. Next take another look at the situation. … 
Math
In this question we will check if a discount is actually a discount. Say you are to borrow $100 for a year at a simple interest rate of 10%. Determine the discount D and the proceeds P for this loan. Next take another look at the situation. …