accounting
posted by Michel .
a simple discount note for $6,600 at a ordinary bank discount rate of 8.61% for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent
Respond to this Question
Similar Questions

Promissory notes
Jack signed a 9000.00 note at fleet bank. Fleet chared a 9 1/4% discount rate. If the loan is for 200 days, find A) the proceeds and B) the effective rate charged b the bank. (to the nearest tenth percent 
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. … 
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. … 
Math
Find (a) the exact interest and (b) the ordinary interest. Round answers to the nearest cent Find the discount (ordinary interest) and proceeds on a promissory note for $2,000 made by Barbara Jones on February 10, 2007, and payable … 
math
what is the effective interest rate of a simple discount note for $2700 at a bank discount rate of 12.25%, for 36 months? 
math
Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Pinnacle Manufacturing received a $40,000 promissory note at 12% simple interest for 95 days from one of its … 
math
I need to calculate the effective interest rate of a simple discount note $21,750 at an ordinary bank discount rate of 7.91% for 120 days find the effective rate 
math bus 105
Calculate (a) interest and maturity value, (b) discount period, (c) bank discount, and (d) proceeds. Assume ordinary interest. (Round answers to nearest hundredths) Date of note Face value Length of note Interest rate Bank discount … 
math
a man has a simple discount note for $6,400 at an ordinary bank discount rate of 8.53% for 40 days what is the effective interest rate