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Jenn borrows $600 from Sue on February 14, 2020 for 18 months at 10.5% simple interest. Th

Jenn borrows $600 from Sue on February 14, 2020 for 18 months at 10.5% simple interest. Th

Jenn borrows $600 from Sue on February 14, 2020 for 18 months at 10.5% simple interest. Then, 3 months before maturity, Sue sells the note to B. Harmless who discounts it based on a bank discount rate of 14%.

a. How much did B. Harmless pay Sue for the note?

b. What simple interest rate did Sue actually earn on the $600 that she lent to Jenn for the time that she held the note?

Abhinav 05-Dec-2019

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