4. What are the bank discount and the proceeds if Gen settles her debt of $3700 at the end of 90 days at a discount rate of 13%?
6. Find the discount rate if you get only $1803.75 when you borrow $1850 for 120 days.
8. How long would it take to pay off a loan of $2900 at 11% discount when the bank charges $638?
10. Find the equivalent rate of interest for a discount rate of 7.5% for 60 days.
12. An interest rate of 15.5% was offered to Tim on a loan for 6 months but he was thinking of a comparable
discount rate. What would that discount rate be?
14. A friend buys merchandise for $3500 and signs a 120-day non-interest bearing promissory note. Find the
proceeds if the vendor sells the note to his bank which charges 12% interest and if the merchandise costs the vendor $1600 how much would he make?