Someone has just given me a Hewlett Packard 10B business/financial calculator. Being an arithmetical dummy, could some kind person please tell me how to work out this financial scenario.
An investor makes a short term loan to a factoring company of $19,300 After 23 days, $8,500 of the principal and $185 in interest is returned to the investor. After a total of 47 days, the remainder of the principal ($10,800) and a further $292 in interest is returned.
Could you please tell me how to work out: 1. The effective annual % return on the first part of the loan 2. The effective annual % return on the remaining part of the loan. 3. The effective annual % return on the total deal including both parts. 4. The section in the owner's manual which shows examples of the above.
With thanks, e-mail replies would be much appreciated.