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%

Algebra ->  Equations -> 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%      Log On


   

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