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

Exercise 173

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.
Janice Dart signed a 140-day simple discount note at a rate of 9.9% with a maturity value of $82,000. The bank she borrowed the funds from sold the note 40 days later at a 10% discount rate. Find (a) the discount on the original note, _____________ (b) the proceeds of the original note, _____________ (c) the discount period, _____________ (d) the discount at the time of sale, _____________ and (e) the proceeds to the bank at the time of sale. _____________