On July 1, B.Good borrowed $2000 from G. Whiz and agreed to pay the debt plus 8% simple interest in 270 days. Thirty days after borrowing the money, B. Good settled the debt by having it discounted at a simple interest rate of 7%. How much did G. Whiz recieve?
270 days = 270/360= 0.75 year
(usually we count one month by 30 days in ...
A simple interest problem involving a discounted rate is solved.