Kowalski’s Drug Store signed a 15-month simple discount note with a face value of $12,300. Find the proceeds if the discount rate is 12%.
$9,840 $12,115.50 $10,455 $1,845
Find the effective rate of interest (APR) for a loan with a loan amount of $17,300, a time of 180 days, and interest of $1,297.50.
11.5% 20% 3.2% 15%
Discount is the loan amount. True False I need help, its due today. I can't get them wrong and thank you will mark brainliest

Question

05-02-2018
Mathematics

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Kowalski’s Drug Store signed a 15-month simple discount note with a face value of $12,300. Find the proceeds if the discount rate is 12%.
$9,840 $12,115.50 $10,455 $1,845
Find the effective rate of interest (APR) for a loan with a loan amount of $17,300, a time of 180 days, and interest of $1,297.50.
11.5% 20% 3.2% 15%
Discount is the loan amount. True False I need help, its due today. I can't get them wrong and thank you will mark brainliest

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kitapla kitapla · Answer 1 · 2018-02-06T15:28:24+01:00

A. Using the Simple Discount Note formula:
Proceeds = Maturity Value (MV) - Discount; MV = Face Value
Discount = MdT; M = Maturity; d = discount; T = Time
= $12,300*12%*15/12
Discount = $1,845
Proceeds = MV - Discount
= $12,300 - $1,845
Proceeds = $10,455

B. Using the Simple Interest Note formula:
Effective Rate of Interest = Interest / Proceeds*Time
= $1,297.50 / $17,300*180/360
= .15
Effective Rate of Interest = .15 or 15%

C. False. Discount is the interest charged to the principal of the loan.