What are the proceeds of a note for $5,500 at a discount rate of 8%, for 30 months?

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asked Feb 1, 2018 33.6k views

1 Answer

Daniel Loudon · Answer 1 · 2018-02-05T19:59:32+0000

A = Prt
here
p = 5500
r = 8% = 0.08
t = 30 / 12
Putting the values in the formula you will get

a=(5500) x (0.08) x (30/12)
a = 5500 x 0.2 = 1100

Thus, the answer is 1100.

What are the proceeds of a note for $5,500 at a discount rate of 8%, for 30 months?

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