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falldownguyss
20.11.2019 •
Business
For services rendered, an attorney accepts a 90-day note for $5,500 at 8% simple interest from a client. (both interest and principal are repaid at the end of 90 days.) wishing to use her money sooner, the attorney sells the note to a third party for $5,560 after 30 days. what annual interest rate will the third party receive for the investment?
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Ответ:
5.395%
Explanation:
principal = $5,560
time = 1/6 hours
rate = r
Interest of client = p × t × (r/100)
= 5500 × (1/4) × (8/100)
= $110
Amount paid by client = 5,500 + 110
= 5,610
This is the amount received by third party .
Principal of third party = 5,560
therefore, Interest = 5,610 - 5,560
= $50
i = p × t × (r/100), p = 5,560, t = 2 months = 1/6 years
50 = 5,560 × (1/6) × (r/100 )
r = 3,000 ÷ 556
= 5.395%
Ответ: