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 note proceeds.

Can someone help me?
Simple interest note proceeds $

b. Calculate the simple discount note proceeds.

Simple discount note proceeds $

2 answers

  1. 900.38

  2. Find the simple interest owed for the use of the money. Assume 360 days in a year.
    P=$5000.00, R=8.5%, T=9 months

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