Answered

Discover the answers you need at Westonci.ca, a dynamic Q&A platform where knowledge is shared freely by a community of experts. Get immediate and reliable answers to your questions from a community of experienced experts on our platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

14. Janie Christopher lent $6000 to a friend for 90 days at 12%. After 30 days, she sold the note to a third party for $6000. What annual simple interest rate did the third party receive? Use 360 days in a year

Sagot :

Can you do plsssssssss

help me plssssssssssss meee

View image benimpandamsin
fichoh

Using the simple interest relation, the annual simple interest rate received by the third party is 11%

The interest rate = 12%

The daily interest rate on the fee can be calculated thus :

  • Number of days, n = 360

  • Daily interest rate = 12% / 360 = 0.0333%

Of the initial 90 days, 30!days has elapsed, hence, the annual simple interest rate recuved by the third party would be :

(0.0333% × (360 - 30)) = 11%

Hence, the annual simple interest rate received by the third party is 11%.

Learn more :https://brainly.com/question/16785562

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.