SOLUTION: Please Help: Solve the problem. Leon Harding receives proceeds of $6505 after signing a 210-day note for $7000 Find the discount rate. A) 12.3% B) 10.3% C) 6.2% D) 7.1%

SOLUTION: Please Help: Solve the problem. Leon Harding receives proceeds of $6505 after signing a 210-day note for $7000 Find the discount rate. A) 12.3% B) 10.3% C) 6.2% D) 7.1%

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Question 201920: Please Help:
Solve the problem.
Leon Harding receives proceeds of $6505 after signing a 210-day note for $7000 Find the discount rate.
A) 12.3%
B) 10.3%
C) 6.2%
D) 7.1%

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
D)7.1%
7000-6505=495
495/7000=.071
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