Rex corporation accepted a 5000.00, 8%, 120-day dated August 8 from Regis company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 9%. What are the notes Maturity value, Discount Period, and bank discount? What proceeds does Rex receive? Please use 360 and not 365

Question

Rex corporation accepted a 5000.00, 8%, 120-day dated August 8 from Regis company in settlement of a past bill.  On October 11, Rex discounted the note at Park Bank at 9%.  What are the notes Maturity value, Discount Period, and bank discount?  What proceeds does Rex receive?  Please use 360 and not 365

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Shakeerah · Answer

5678.67