Groucho lent Chico $293,547.17 for 257 days at 13.29% simple inetrest rate. Then 118 days before the note matured, he sold the note to Karl at 11>75 simple discount rate. What simple interest did Chico pay?

Hi all Regarding this question: Suppose you borrowed $25,000 at a rate of 8% and must repay it in 4 equal installments at the end of each of the next 4 years. How much interest would you have to pay in the first year? The answer given was $2,854.13. I calculated the installment to be...

Compare effective interest rate to compound rate, with example of compound rate

Why can banks borrow money at a lower interest rate than other companies?