1 Find the bank discount and proceeds using ordinary interest for a loan to Michelle Anders for $7,200 2 at 8.25% annual simple interest from August 8 to November 8. 4 Loan date 5 Loan Due Date 6 Exact time days 8 Face Value (F) 9 Discount Rate (D) 10 Time Period (T) years --> Convert Exact time in days to years 11 Bank Discount (B) 12 13 Proceeds (P) 14 15 16 17 18 19 20
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To convert the exact time in days to years, divide the number of days by 365 (assuming a year has 365 days). Show more…
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