Jack Steele needs $14,500 to computerize his inventory.

Find the face value of a simple discount note that will provide the $14,500 in proceeds if he plans to repay the note in 150 days and the bank charges an 11% discount rate.

Round to the nearest cent.

$15,196.51

$15,164.58

$15,186.51

$15,155.48

Question

27 February, 00:37

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Robert · Answer 1

14500 / (1-0.11*150/360) = 15196.51

Jack Steele needs $14,500 to computerize his inventory.Find the face value of a simple discount note that will provide the $14,500 in proceeds if he plans to repay the note in 150 days and the bank charges an 11% discount rate.Round to the nearest cent.$15,196.51$15,164.58$15,186.51$15,155.48