The effective interest rate on the simple interest note

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Reference no: EM131498590

As the borrower, you were offered the opportunity to purchase either a simple interest note or a simple discount note with the following terms: $38,485 at 7% for 36 months. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.)

The effective interest rate on the simple interest note is:________________

Effective interest rate:________________

Lee Wills loaned Audrey Chin $17,000 to open Snip Its Hair Salon. After 5 years, Audrey will repay Lee with 6% interest compounded quarterly.

How much will Lee receive at the end of 5 years? (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Reference no: EM131498590

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