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23 July, 15:34

A plumbing contractor receives proceeds of $4,713.54 on a 12.5% simple discount note with a face value of $5,000. Find the time of the note in days. (Assume a 360-day year.) Do not round intermediate calculations!

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  1. 23 July, 15:54
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    I = Prt

    t = I / (Pr)

    ... = (5000 - 4713.54) / (5000*0.125)

    ... = 165/360

    The time period of the note is 165 days.
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