Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller

Exercise 150

Solve the following application problems. Round rates to the nearest tenth of a percent, time to the nearest day, and money to the nearest cent.
Herbert Leon signed a 220-day, 10% simple interest note with a face value of $28,000. In turn, the bank he borrowed the money from sold the note 90 days later at an 11% discount rate. Find (a) the interest, _____________ (b) the maturity value, _____________ (c) the discount period, _____________ (d) the discount, _____________and (e) the proceeds to the bank. _____________