bill267 bill267

12-03-2018
Mathematics

contestada

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.

Round to the nearest cent.

Respuesta :

sqdancefan sqdancefan

13-03-2018

24,700 = P*(1 -rt)
P = $24,700/(1 -0.08*(180/360)) = $25,729.17 . . . . . assuming a 360-day year

The face value is $25,729.17.

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