E esquires New member Joined Oct 9, 2008 Messages 1 Oct 9, 2008 #1 I am unsure how to work this problem, could you help me? A note with a face value of $2400 was discounted at 12%. If the discount was $95 find the lenght of the loan in days. Liz
I am unsure how to work this problem, could you help me? A note with a face value of $2400 was discounted at 12%. If the discount was $95 find the lenght of the loan in days. Liz
D Denis Senior Member Joined Feb 17, 2004 Messages 1,700 Oct 9, 2008 #2 Re: Simple Discount Notes Hint: 1 day = .12 / 365 * 2400 ; or .12 / 360 * 2400 : some lenders use 360
Re: Simple Discount Notes Hint: 1 day = .12 / 365 * 2400 ; or .12 / 360 * 2400 : some lenders use 360
M megers3 New member Joined Mar 10, 2010 Messages 2 Mar 10, 2010 #3 I'm pretty sure you can use the same formula to find the time in an interest problem. time = interest/principal x rate or in your case I think it would be: T = discount/principal x rate T = D/PR T = 95/2400 x .12 T = 95/288 T = .32986 x 360 (days in business year) T = 118.7496 days
I'm pretty sure you can use the same formula to find the time in an interest problem. time = interest/principal x rate or in your case I think it would be: T = discount/principal x rate T = D/PR T = 95/2400 x .12 T = 95/288 T = .32986 x 360 (days in business year) T = 118.7496 days
D Denis Senior Member Joined Feb 17, 2004 Messages 1,700 Mar 10, 2010 #4 What's your point Megers? This thread is over 1 year old!
