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October 31, 2015 0 Comment

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Harry borowed $5,000 from Ron for 200 days at a simple interest rate of 10.95%. Then, 150 days later, Ron sold the note to Hermione, using a simple discount rate of 7.3%. (Each of the following parts are worth 5 points each.)
a) How much did Hermione pay for the note?
b) What rate of simple interest did Ron earn on this deal?
c) What rate of simple interest did Hermione earn from this deal? (Assume that she holds onto the note until maturity.)
d) What rate of simple interest did Harry pay?

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