Silver Falls Finances, Inc. made the following two loans using a discount rate to compute the charge, and then loaned the proceeds to their clients. Compute the amount of discount, the proceeds, and the actual interest rate based upon the proceeds rather than the face value. Use a 360-day year and compute actual rates to the nearest 1/100 of a percent.

Question

Silver Falls Finances, Inc. made the following two loans using a discount rate to compute the charge, and then loaned the proceeds to their clients. Compute the amount of discount, the proceeds, and the actual interest rate based upon the proceeds rather than the face value. Use a 360-day year and compute actual rates to the nearest 1/100 of a percent.
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Quizplus · Accepted Answer

The Answer of Silver Falls Finances, Inc. made the following two loans using a discount rate to compute the charge, and then loaned the proceeds to their clients. Compute the amount of discount, the proceeds, and the actual interest rate based upon the proceeds rather than the face value. Use a 360-day year and compute actual rates to the nearest 1/100 of a percent.
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