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Find the discount on a note for $23,000 made by Jacques on February 10 to be repaid on August 10 of the same year with a discount rate of 9%.?

Respuesta :

aencabo
Let:
S = 23000
d = 0.09
n = 6/12



I' = Sdn 
I' = 23000*.09*0.5 = $1035

Total Value =$23,000

Time = 10 february to 10 august = 6 months

And

Rate of discount = 9% =0.09


Now we have to find the discount on the note

So we multiply the amount , time and rate

but time should be in years

So 6 months = 6/12 years = 0.5 years


So

Discount = 23,000 * 0.5 * 0.09 = 1035


Hence total Discount = $1035

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