The September 2003 issue of money stated that intrest rates have climbed to 5.99% Nancy Martin, owner of Martins Textile Manfacturing, supplied Dolan Limited with clothing worth 7353.00 The terms of sale were 180 days and 5.4% intrest. Dolan Limited took possession of the order on March 3, 2004. On April 15, 2004, Nancy discovers, she has a cash flow problem; a bank agrees to discount the note at 5.99% A) what is the bank discount amount? B What amount would Nancy Receive? Round to the nearest cent.

Question

The September 2003 issue of money stated that intrest rates have climbed to 5.99%   Nancy Martin, owner of Martins Textile Manfacturing, supplied Dolan Limited with clothing worth 7353.00  The terms of sale were 180 days and 5.4% intrest.  Dolan Limited took possession of the order on March 3, 2004.  On April 15, 2004, Nancy discovers, she has a cash flow problem; a bank agrees to discount the note at 5.99%  A) what is the bank discount amount?  B What amount would Nancy Receive?  Round to the nearest cent.