Asked by kadija
Word Problem 11-17
Hafers, an electrical supply company, sold $3,100 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 5.50% interest. The due date was August 22. Short of funds, Hafers contacted Charter One Bank on July 13; the bank agreed to take over the note at a 6.70% discount. (Use Days in a year table.)
What proceeds will Hafers receive? (Use 360 days a year.
Hafers, an electrical supply company, sold $3,100 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 5.50% interest. The due date was August 22. Short of funds, Hafers contacted Charter One Bank on July 13; the bank agreed to take over the note at a 6.70% discount. (Use Days in a year table.)
What proceeds will Hafers receive? (Use 360 days a year.
Answers
Answered by
deccky
A promissory note for 8000 was written on 25th June for 90days at 10% interest. It was discounted on 5th July at 12%. Find
1) the maturity valued of the note
2) maturity date of the note
3) the days of the discount
4) discount amount
5) the proceeds.
1) the maturity valued of the note
2) maturity date of the note
3) the days of the discount
4) discount amount
5) the proceeds.
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