1. Find the effective rate (APR) for a simple discount note. The maturity value is $10,000 with $148.80 interest accrued for 85 days. Round to the nearest hundredth of a percent. 2. You get a loan...

Answer

Extracted text: 1. Find the effective rate (APR) for a simple discount note. The maturity value is $10,000 with $148.80 interest accrued for 85 days. Round to the nearest hundredth of a percent. 2. You get a loan using the discount method. You sign a note, agreeing to repay the lender $10,000 in 90 days. Assuming a discount rate of 9%, determine the APR. Round to the nearest hundredth of a percent.


Extracted text: 1. Find the effective rate (APR) for a simple discount note. The maturity value is $10,000 with $148.80 interest accrued for 85 days. Round to the nearest hundredth of a percent. 2. You get a loan using the discount method. You sign a note, agreeing to repay the lender $10,000 in 90 days. Assuming a discount rate of 9%, determine the APR. Round to the nearest hundredth of a percent.