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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 67
Solve the application problems. Round interest and discount to the nearest cent.
BATTERY STORE A National Tire and Battery outlet borrowed $48,500 on a 200-day simple interest note to expand the battery store. The note was signed on December 28 and carried an interest rate of 9.8%. The note was then sold on March 17 at a discount rate of 10%. Find (a) the maturity value of the note _____________ and (b) the proceeds to the seller of the note on May 17. _____________
BATTERY STORE A National Tire and Battery outlet borrowed $48,500 on a 200-day simple interest note to expand the battery store. The note was signed on December 28 and carried an interest rate of 9.8%. The note was then sold on March 17 at a discount rate of 10%. Find (a) the maturity value of the note _____________ and (b) the proceeds to the seller of the note on May 17. _____________
Explanation
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The following table is given, 
Recall t...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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