Assignment:
Q1) A man has a simple discount note for $6,300 at an ordinary bank discount rate of 8.72%, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent. Use the bankers rule.
Q2) Find the discount and proceeds on a 3,240 face value note for six months if the discount rate is 9.3%. Round to the nearest cent if needed. Use the bankers rule.
Q3) A man makes a simple discount note with a face value of $2,600, a term of 160 days, and an 18% discount rate. Find the discount. Round to the nearest dollar as needed. Use the bankers rule.
Provide complete and step by step solution for the question and show calculations and use formulas.