Question

A business owner in England signs a 15% discount note for 30,000 English pounds (30,000) with a bank in London. If the proceeds are £28,835, 16, find the time of the note in days

Answer 1

The discount amount of the note is 30,000 * 15% = 4,500 pounds.

So, the net proceeds from the note are 30,000 - 4,500 = 25,500 pounds.

Since the net proceeds from the note are actually 28,835.16 pounds, the time of the note can be calculated as follows:

(28,835.16 - 25,500) ÷ (4,500 ÷ 365 days) = X days

Where X is the time of the note in days.

Solving for X, we get X = approximately 71 days.

Step-by-step explanation:

Answer 2

30,000 x 0.15 = 4,500

28,835 - 4,500 = 24,335

24,335 / 30,000 = 0.8115 The time of the note is 81.15 days.

Step-by-step explanation:

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