math
posted by fizz .
1.Joanne borrowed RM5000 for 180 days at a discount rateof 8 1/2 %.find the proceeds.
2.A businessman needs RM12000 for four months. What should be the size of the loan if his bank charges a discount rate of 9.5%.

1. P = Po  Po*r*t
P = 5000  5000*(0.085/360)*180
P = 5000  212.50 = $4787.50 = Amt.
received by Joanne(Proceeds).
2. P = Po  Po*r*t = 12,000
Po  Po*(0.095/360)*4 = 12,000
Po  Po*0.00106 = 12000
0.99894Po = 12,000
Po = $12,012.68 
helo sir.
the answer question 2 in my book is 12392,43.why not same with your answer.
12000 (1+o.o95(4/12))=12380
now i want to know about how to solve. 
5.Albert needs $2000 now. Find the amount that he should borrow for 120 days from a bank that charges 8% discount

Correction: My calculations was based on
a 4day loan; it should be for 4 months:
2. Pr = Po  Po*r*t = 12,000
Po  Po*(0.095/12)*4 = 12,000
Po  Po*0.03167 = 12000
0.96833Po = 12,000
Po = $12,392.46 
5. Ar = Ab  Ab*r*t = 2,000
Ab  Ab*(0.08/360)*120 = 2,000
Ab  0.02667Ab = 2000
0.97333Ab = 2000
Ab = $2,054.79 = Amount borrowed. 
tq sir/madam..
A 7%,6O day note was discounted at 15 days before the maturity date. If the discount rate was 5.5% and the proceeds received were $ 997,77,find
a)the amount of discount that was charged
b)face value
a) 997,77= (1+0.07(60/360))
=
i cant get the answer.
what is the formula 
a. Ar = Ab  Ab*r*t
Ar = Ab  Ab*(0.055/360)*(6015)=997.77
Ab  Ab*0.006875 = 997.77
0.993125Ab = 997.77
Ab = $1004.68 = Amt. borrowed.
Ac = AbAr = 1004.68  997.77 = $6.91 = Amt. charged.
b. Face Value = Ab = $1004.68 
helo sir
the answer in my book for a) is $2.29
and b) is $988.53
how can ? 
A sum of money,X was deposited in a saving account at 10 percent compounded daily on 25 july 1993. on 13 august 1993, rm600 was withdrawn and the balance as on 31 december 1993 was RM 8900.calculate the value of X using exact time and 360 day year.
help me sir.the answef of x= $9112.37 
10.On 16 April 1990, $5000 was invested at 6% compounded semi annually.Find the amount accumulated on 16 October 1993 if the rate was charged to 8% compounded quarterly beginning 16 april 1992.
5000(1+0.06/2)^(2x1)
=5304.50
5304.50(1+0.08/4)^(4x1) 
10. P1 = Po(1+r)^n
Po1 = $5,000
r = (6%/2)/100% = 0.03
n = 2comp/yr. * 2yrs. = 4 Compounding
periods.
P1 = 5000(1.03)^4 = $5627.54 in 2 yrs.
P2 = P1(1+r)^n
r = (8%/4)/100% = = 0.02
n = 4comp/yr. * 1.5yrs. = 6 Compounding
periods.
P2 = 5627.54(1.02)^=$6337.53 in 3.5 yrs. 
9.A 10%,100day note was dated 20 september 1992.the maturity value of the note was $3083.33.If the note was discounted on 17 november 1992 at 12%,FIND
i) the maturity date of the note
= 29 december 1992
ii)the face value of the note
$3083.33 = (1+0.1(100/360)
= 1.0278
= 3083.33/1.0278
= 2.999.9
or
= (10.1(100/360)
= 0.9722
= 3083.33/0.9722
= 3171.49
but the answer is = 5100
actually i still confuse what actually formula to find face value.we need  or + ?
Respond to this Question
Similar Questions

Business Math
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 … 
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. … 
Finance
Can anyone explain to me how to use this formula? 
math
what is the bank discount and proceeds on 20000.00 amount due at maturity, Discount rate 6.25% and time of 180 days? 
algebra
The following note was discounted at 16%. Find (a) the discount period, (b) the discount, and (c) the proceeds. Date loan was made: March 15 Face Value: $6000 Length of Loan: 75 days Rate: 6% Date of Discount: April 5 
algebra
Sheila Spinney borrowed $32,500 at 7.5% simple interest for 180 days on January 7. The bank later sold the note at an 8% discount on March 2. Find the proceeds to the bank. 
algebra
Mel Sturbridge needs $24,700 to remodel his home. Find the face value of a simple discount note that will provide the $24,700 in proceeds if he plans to repay the note in 180 days and the bank charges an 8% discount rate. 
Math/Finance
Which formula do I use for the following question: Sheila Spinney borrowed $32,500 at 7.5% simple interest for 180 days on January 7. The bank later sold the note at an 8% discount on March 2. Find the proceeds to the bank. 
math/Finance
Sheila Spinney borrowed $32,500 at 7.5% simple interest for 180 days on January 7. The bank later sold the note at an 8% discount on March 2. Find the proceeds to the bank. I do not know what formula to use. 
math promissory notes
1.Joanne borrowed RM5000 for 180 days at a discount rateof 8 1/2 %.find the proceeds. 2.A businessman needs RM12000 for four months. What should be the size of the loan if his bank charges a discount rate of 9.5%.