Solve the problem.
-Leon Harding receives proceeds of $\$ 4842$ after signing a 120 -day note for $\$ 5000$. Find the discount rate. Round to the nearest tenth.
A) $9.6 \%$
B) $7.6 \%$
C) $4.8 \%$
D) $3.2 \%$

Question

Quizplus · Accepted Answer

The discount amount is $5000 - 4842 = 158$. The discount rate is calculated as $(158/5000) \times (360/120) \times 100\% = 9.6\%$.

Solve the Problem $4842\$ 4842$4842 After Signing a 120 -Day Note For

Solve the Problem $\$ 4842$ After Signing a 120 -Day Note For