A bank’s simple discount rate is 18%. If one signs a promissory note to pay $6 000 in six months’ time, how much would one receive from the bank now? Determine the equivalent simple interest rate

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A bank’s simple discount rate is 18%. If one signs a promissory note to pay $6 000 in six months’ time, how much would one receive from the bank now? Determine the equivalent simple interest rate

Answered Same DayAug 24, 2022

Answer To: A bank’s simple discount rate is 18%. If one signs a promissory note to pay $6 000 in six months’...

Anushi answered on Aug 24 2022
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Assignment Question
A bank’s simple discount rate is 18%. If one signs a promissory note to pay $6
000 in six months’ time, how much would one receive from the bank now? Determine the equivalent simple interest rate
Solution:
Step 1
Amount: 6,000
Principal: x
Rate: 18%
Time: 6 Months
A=...
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