Find the discount and proceeds on a face-value note


Problem 1) Find the discount and proceeds on a $3,260 face-value note for nine months if the discount rate is 9.5%. (use the bankers rule)

The discount is $ ? (round to the nearest cent as needed)
The proceeds are $ ? (round to the nearest cent as needed)

Problem 2) A computer costs 2,941, Cathy pays a 20% per year finance charge on the cash price. If she contracts to pay the loan in 18 months, how much will she pay each month?

She will pay $ ? each month. (round to the nearest cent as needed)

Problem 3) Find the future value and compound interest on 6,000 at 8% compounded semiannually for six years.

compound amount $ ? (round to the nearest cent as needed)
compound interest $ ? (round to the nearest cent as needed)

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Finance Basics: Find the discount and proceeds on a face-value note
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