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Joey
Joey asked in Business & FinancePersonal Finance · 9 years ago

You borrow $19,000 on a 7% discounted loan for a period of 3 months.?

For the situation described, determine the amount of the loan's discount, the net amount of the money you receive, and the loan's actual interest rate, to the nearest tenth of a percent. Show work. This is a homework question, I can't find out how to work in my text book. Will choose best answer.

Update:

(Or just explain to me how to work it...)

2 Answers

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  • E.U.
    9 years ago
    Favorite Answer

    (7%/12months)*3. This will give you the interest rate pct. Then times that by 19,000 to get the monetary amount.

    Source(s): Double Major in Finance & Economics
  • Carla
    6 years ago

    332.50

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