Lillian Barnes made extra money by lending small amounts of money to small businesses. One such loan dated September 9, was for $8,680, for 75 days at 8.6% interest. On October 25, Lillian decided to sell the loan to a lending institution which discounted it at 12.7%. Use a 365-day year to find the missing information on the loan.

Question

Lillian Barnes made extra money by lending small amounts of money to small businesses. One such loan dated September 9, was for $8,680, for 75 days at 8.6% interest. On October 25, Lillian decided to sell the loan to a lending institution which discounted it at 12.7%. Use a 365-day year to find the missing information on the loan.
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Quizplus · Accepted Answer

The Answer of Lillian Barnes made extra money by lending small amounts of money to small businesses. One such loan dated September 9, was for $8,680, for 75 days at 8.6% interest. On October 25, Lillian decided to sell the loan to a lending institution which discounted it at 12.7%. Use a 365-day year to find the missing information on the loan.
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Lillian Barnes Made Extra Money by Lending Small Amounts of Money