Kelly Borrowed $3,000 with an Interest Rate of 7

question 20

Short Answer

Kelly borrowed $3,000 with an interest rate of 7.2%. The time is based on 90 days in a 360-day year and the loan was taken out on August 19. The note has been discounted 14% on October 10. What are the proceeds?

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Definitions:

Price

Price is the amount of money expected, required, or given in exchange for something else, such as a product or service.

Prestige

The reputation or high standing of something or someone, often acquired through quality, achievements, or exclusivity.

Quality

The standard of something measured against other things of a similar kind; the degree of excellence of something.

Promotion

A marketing tactic that involves raising awareness of a brand, product, or service to increase sales or public visibility through various channels.