Warren borrowed 14000 on a noninterest-bearing simple, Ask an Expert

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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?

Show me how to do it mathematically and not with a calculator on excel.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92371258

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