Juan Solez, a prominent painter, takes out a simple discount note
for one year from River...
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Juan Solez, a prominent painter, takes out a simple discount notefor one year from River National Bank for $5,000. The annual rateof interest is 8%. What is the amount of: (A.) Bank discount; (B.)Proceeds ; (C.) Effective rate of interest (to nearest tenthpercent)
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SOLUTION GIVEN DATA 6 In case of a discounted note lets say of 100 bank deducts its Interest 10 10 immediately anase of a nondiscounted note bank would give you the full
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