PoorMaiden6553 PoorMaiden6553

29-10-2017
Business

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The bank discounts an $8,750 non-interest-bearing simple discount note at 6% for 60 days. what is the discounted amount?

Respuesta :

Yna9141 Yna9141

09-11-2017

The discounted amount can be determine by subtracting the discount from the base price. The discount can be calculated through the equation,

D = B x d

where D is discount, B is the base price, and d is the discount rate. Substituting the known values from the given,

D = ($8,750)(0.06)
D = $525

Using the concept presented above,
P = $8,750 - $525 = $8,225

ANSWER: $8,225

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