how to solve You just received a loan from your banker to buy seed and plant your alfalfa field. The loan is a discount loan and is for $5,000 for 1 year and the quoted rate was 10%. What is your APR

11.11%

Explanation:

For computing the annual percentage rate (APR) we need to apply the RATE formula i.e to be shown in the attachment below.

Given that,  

Present value = $5,000 × (100 - 10%) = $5,000 × 90% = $4,500

Future value or Face value = $5,000

PMT = 0

NPER = 1

The formula is shown below:  

= -Rate(NPER;PMT;-PV;FV;type)  

The present value come in negative  

So, after applying the formula, the APR is 11.11%

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they work in some type of way