At Westonci.ca, we connect you with the answers you need, thanks to our active and informed community. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

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

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.