heyhi1234 heyhi1234
  • 08-03-2018
  • Business
contestada

What is the effective rate of a $25,000 interest-bearing simple discount 10%, 90-day note?

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sqdancefan
sqdancefan sqdancefan
  • 10-03-2018
The effective interest rate on a discounted note is
.. 1/(1-r) = 1/0.9 ≈ 11.11%

_____
The amount and time have nothing to do with it for simple interest.
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