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Homework answers / question archive / Warren borrowed $14,000 on a noninterest-bearing, simple discount, 4
Warren borrowed $14,000 on a noninterest-bearing, simple discount, 4.5% 60 day note. Assume ordinary interest. What are:
i) The maturity value,
ii) Bank's discount,
iii) Warren's proceeds,
iv) Effective interest rate to the nearest 100th?
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