A man holds a note of ​$6,000 that has an interest rate of 11​% annually. The note was made on March 17 and is due November 14. He sells the note to a bank on June 13 at a discount rate of 10​% annually. Find the proceeds on the​ third-party discount note.​ (Use the​ banker's rule.)

Answers

Answer 1

The value of the proceeds on the third party discount note for the specified condition is $5968.28

How to calculate proceeds?

Proceeds is the difference between maturity value of the original rate and the third party discounts. Or,

Proceeds = Maturity value of the original rate - Third party discounts

How to calculate the maturity value of the original rate?

Let we take:

P = principal amount on which interest will be applied.R = interest rateT= time period for which interest will be applied,

Then we get:

Maturity value = P(1 + RT) (use decimal value of R instead of percent. For that, divide the percentage value by 100 to convert it to decimal (if its in percent) ).

How to calculate the third party discounts?

Third party discount is the multiplication result of the maturity value of the original rate to the rate of interest and time period.

Thus, we get:

Third party discount = Maturity value × R × T (R in decimal form).

For this case, we're specified that:

P = principal amount on which interest will be applied = $6000Rate of interest = R = 11% = 0.11 (in decimal form) (annually)Time = from 17th march till 14th november.

Using banker's rule (which assumes 360 day year with 30 day months), we get:

Number of days from 17th march till 14th november = number of days from 17th march till 16th november - 2 = [tex]8 \times 30 - 2 = 238[/tex] (as there are 8 months in between, all of assumingly 30 days)

Converting this to year, we get:

[tex]T = \dfrac{238}{360} \approx 0.661[/tex] years.

Thus, we get:

Maturity value = [tex]P(1 + RT) \approx 6000 (1 + 0.11 \times 0.661) = 6436.26 \: \rm dollars[/tex]

And therefore, we get:

Third party discount =  Maturity value × R × T = [tex]6436.26 \times 0.11 \times 0.661 \approx 467.98 \: \rm dollars[/tex]

Thus, the value of the proceeds on the third-party discount is:

maturity value - third party proceeds = [tex]6436.26 - 467.98 = 5968.28 \: \rm dollars[/tex]

Thus, the value of the proceeds on the third party discount note for the specified condition is $5968.28


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Related Questions

What is the value of x

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Answer:

your answer is 20.

Step-by-step explanation:

x^2+4^2=(2+x)^2

Find the surface area of the cylinder. Round your answer to the nearest tenth.

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Factor the binomial.
4z2 − 25
4z2 − 25 =

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[tex]4z^2-25\\\\=(2z)^2-5^2\\\\=(2z+5)(2z-5)[/tex]

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Answer:

Lower quartile = 6

Median = 8

Upper quartile = 9

Step-by-step explanation:

If you take away a number from each end of the number set one by one, you will end up with 7 and 9 in the middle. To find the median between two numbers, add them together then divide them by 2.

7 + 9 = 16

16 ÷ 2 = 8

_________________

To find the lower and upper quartiles, split the number set into two where the median is, then, find the median of those two sections.

Lower quartile: 4, 5, 6, 6, 7

Median = 6

-

Upper quartile: 9, 9, 9, 9, 9

Median = 9

So, the median of the whole set is 8, the lower quartile is 6, and the upper quartile is 9.

hope this helps!

what is the product of mixed number 2 x 2 7/8?

Answers

Answer:

[tex]5\frac{3}{4}[/tex]

----------------------------------------------------------------------------------------------------------

Since we have to convert mixed numbers to fractions, [tex]2\frac{7}{8}[/tex] becomes [tex]\frac{23}{8}[/tex]

And for whole number, add a 1 as the denominator.

[tex]\frac{2}{1}[/tex]

Now, the equation becomes...

[tex]\frac{2~*~23}{1~*~8}[/tex]

[tex]2 * 23 = 46[/tex]

[tex]1 * 8 = 8[/tex]

Convert these two numbers to a fraction.

[tex]46~and~8~-- > ~\frac{46}{8}[/tex]

Simplify 46 over 8 and make it a mixed number.

[tex]\frac{46}{8} -- > 5\frac{3}{4}[/tex]

why is the denominator 4? we had to simplify 8 using its GCF along with 46

the GCF is 2, so simplify using 2. to simplify, divide the number by its GCF.

[tex]\frac{46}{2} = 23\\\\\frac{8}{2} = 4[/tex]

now you have [tex]\frac{23}{4}[/tex]

and that, in mixed number, translates to [tex]5\frac{3}{4}[/tex]

________________________________________________________

Questions?

Ask in comments.

Ayden is 1.85 meters tall. At 2 p.m., he measures the length of a tree's shadow to be 39.55 meters. He stands 35.4 meters away from the tree, so that the tip of his shadow meets the tip of the tree's shadow. Find the height of the tree to the nearest hundredth of a meter.

Answers

The height of the tree is 4.15m

We are given that

Height of Joshua, h=1.85 m

Length of tree's shadow, L=39.55 m

Distance between the tree and Joshua=35.4 m

We have to find the height of the tree.

BC=35.4 m

BD=39.55m

What is the height?

CD=BD-BC

CD=-35.4 m=4.15 m

EC=1.45 m

All right triangles are similar. When two triangles are similar then the ratio of their corresponding sides is equal.

[tex]\triangle ABD=\triangle ECD[/tex]

[tex]\frac{AB}{EC}=\frac{BD}{CD}[/tex]

Substitute the values

[tex]\frac{AB}{1.45}=\frac{39.55\times 1.45}{4.15} \\\\AB=20.39[/tex]

Hence, the height of the tree=20.39 m

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Larissa spent $280 per month on
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and entertainment during the last
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expect to pay for clothes, food, and
entertainment in 1 year?

Answers

Answer:

Larissa would spend a total of: $7,680 in 1 year

Step-by-step explanation:

9408, you would take the 2920 and divide it by 5, 584, and add that to 280, which is 784, multiply 784 times 12 and u get 9408

Celia bought a bag of 12 goldfish for $3.

What is the cost of 1goldfish?

Answers

Answer:

0.25

Step-by-step explanation:

Answer:

0.25

Step-by-step explanation:

3÷12=0.25

12 goldfish for $3

Efficiently solve

A. 30x70+37x70
B. 335x11-135x11
C. 223x87-123x87
D. 3.2x120+16.8x120
E. 555x0.08-545x0.08
F. 3.45x17-1.45x17
G. 0.7x0.7x85

Thanks so Much if you Help me!

Answers

Answer:

Step-by-step explanation:

A. 2100+2590= 4,690

B. 3685-1485=2,200

C. 19,401-10,701= 8,700

D. 384+2,016=2,400

E. 44.4-43.6=0.8

F. 58.65-24.65=34

G. 41.65

A. 2100+2590=4,690
B. 3685-1485=2,200
C. 19,401-10,701=8,700
D.384+2,016=2,400
E.44.4-43.6=0.8
F.58.65-24.65=34
G.41.65

Brainliest for who can help!!

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I think it's like this.

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Answer: go to the website

Step-by-step explanation:

34.321 greater than 34.3211

Answers

Answer:

It's not

Step-by-step explanation:

To know this, you have to put a zero to the right.

So it'd be 34.3210, and as you can see, 34.3211 is greater

lisa rides her bike 15.25 miles to and from her job each week. How many miles does she bike in all to and from work in 19.5 weeks?

Answers

Answer:

297.375 miles

Step-by-step explanation:

Since lisa rides 15.25 miles in 1 week and we are looking for how many miles she rides in 19.5 weeks, we must multiple 15.25 miles by 19.5 because she rides 15.25 miles, 19.5 times.

15.25*19.5=297.375

Sophia invest money in an account paying simple interest. She invest 100$ and no money is added or removed from the investment. After one year, she has 108. What is the simple percent interest per year ?

Answers

Answer:

8%

Step-by-step explanation:

She earned 8 dollars on a 100 dollar investment

8/100 = 8%

The answer is  8%

What Is Simple Interest?

Simple interest is an interest charge that borrowers pay lenders for a loan. It is calculated using the principal only and does not include compounding interest. Simple interest relates not just to certain loans. It's also the type of interest that banks pay customers on their savings accounts.

Given here: Principal as $100 and return as $108 and t=1

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Please see attached photo for problem from my homework set.

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Answer: (x - 1)(x - 23)

Step-by-step explanation:

    First, we can factor the x² part:

(x)(x)

    Next, we will look at the -24x and +23

-> We need two numbers that multiply to 23 and add to -24

-> 23 is a prime number, so we will use 1 and 23

    For -24, 1 and 23 must be added together. Since a negative times a negative is a positive, and a negative plus a negative is a positive, we will turn them into -1 and -23.

    This gives us a final answer of:

(x - 1)(x - 23)

Answer: (x - 1)(x - 23)

Step-by-step explanation:

attached the picture below of the working...

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Answers

Answer:

10x^{2} = 100

Step-by-step explanation:

Use the definition of a logarithm, logb(x)=y ⟹ by=x, to convert from the logarithmic form to the exponential form.

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A 2-cup bottle of glass cleaner costs $9.12. What is the price per fluid ounce

Answers

Answer:

$0.57

Step-by-step explanation:

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It takes 15 minutes to drain a pool containing
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Answers

Answer:

there is 92.25

Step-by-step explanation:

15x2=30

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Answer:

Step-by-step explanation:

. If you have a cube measuring 1 unit on
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by 5 units?

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Answer:

cubes = (5)(5)(5)

number of cubes =125

to fit

A standard number cube is tossed. Find P( greater than 3 or odd).

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Answer:

Step-by-step explanation:

P= probablity

P (>3  or odd)  

assuming this std.  number cube is 1 to 6, then,

greater than 3 is 50%

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Answergrater than 3

Step-by-step explanation:

I WILL GIVE 20 POINTS TO THOSE WHO ANSWER THIS QUESTION RIGHT NOOOO SCAMS AND EXPLAIN WHY THAT IS THE ANSWER

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Answer:

e

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angle F = angle Y

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The direct route from Marta's apartment to work is a road that is a straight line. The road is closed for repairs. Marta had to drive 8 miles west and then 6 miles south to get to work. She returned home by the same route. How many miles would she have saved round-trip if she had taken the direct route?

Answers

She would have to take 5.29 miles to save round-trip if she had taken the direct route.

What is the Pythagoras theorem?

The Pythagoras theorem states that the square of the longest side must be equal to the sum of the square of the other two sides in a right-angle triangle.

The direct route from Marta's apartment to work is a road that is a straight line. The road is closed for repairs.

Marta had to drive 8 miles west and then 6 miles south to get to work. She returned home by the same route.

Let's consider x to be the direct route.

By Pythagoras theorem, we can find the direct route

[tex]x^{2} = 8^{2} +6^{2} \\\\x^{2} = 64 - 36\\\\x^{2} = 28\\\\x= \sqrt{28} \\\\x= 5.29[/tex]

Thus, She would have to take 5.29 miles to save round-trip if she had taken the direct route.

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mr jones told his students they each need half of a piece of paper calvin cut his piece of paper horizontally and mathew cut his piece of paper diagonally which student has the larger area on his half piece of paper

Answers

Answer:

Both

Step-by-step explanation:

After cutting the paper, both Calvin and Matthew have the same area. Calvin cut his into two rectangles that are each half the area of the original piece of paper. Matthew cut his paper into two equivalent right triangles that are also half the area of the original piece of paper.

Pls help i need an A my mom is going to get mad at me pls help i will give 62 points

Answers

[tex]\bold{ANSWER:}[/tex]
BOTH TABLES

[tex]\bold{EXPLANATIONS:}[/tex]

Answer:

Both of those tables show a proportional relationship between x and y.

Step-by-step explanation:

In the second table the values all equal 0.75 when divided.

In the first table the values all equal 1.25 when divided.

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Answer:Sure, what do you need help with

Step by step explanation:

Sure, what do you need help with

I WILL GIVE 20 POINTS TO THOSE WHO ANSWER THIS QUESTION RIGHT NOOOO SCAMS AND EXPLAIN WHY THAT IS THE ANSWER

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Answer:

227

Step-by-step explanation:

Since they give you the hypotenuse length of 290in and they ask you to find the length os the adjacent angle, use the cosine to find side b.

So you do tan38=b/290 then calculate.

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Find the volume of the sphere. Round your answer to the nearest tenth.

Answers

Answer:

Step-by-step explanation:

Remark

All you need do is find the radius and put it into the formula V = (4/3) pi r^3.

Givens

d = 12 yards

r = d/2

Solution

r = 12 yds/2 = 6 yds

V = 4/3 pi r^3

V = 4/3 * 3.14 * 6*6*6

V = 904.32

Answer 904.4 yd^3

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Answer:

The answer is definitely Option A

Patricia was having fun playing a card game. To win the game, she
needed the next two cards dealt to be yellow cards. There are 12
cards left in the deck, and three are[yellow.
What is the probability that the two cards dealt to Patricia will both
be yellow?


Answers

Answer:

25

%

Step-by-step explanation:

te puedes subcribirte a mi canal se llama navegando con incognito

The probability that the two cards dealt to Patricia will both be yellow

is 1/4.

What is the probability?

In mathematics, probability refers to the likelihood of an occurrence occurring. Simply put, how frequently the incidence occurs over a certain period of time.

Given, there are 12 cards left in the deck, and three are yellow.

To find the probability:

The probability= number of yellow cards in the deck / total number of cards in the deck.

= 3/12

= 1/4

Therefore, the probability is 1/4.

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