Chat with AI
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 35
Solve the following word problems. Round to the nearest cent when necessary.
Varsity Press, a publisher of college textbooks, received a $70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader's Choice Bookstores. After 20 days, Varsity Press discounted the note at the Grove Isle Bank at a discount rate of 14.5%. The note was made on March 21.
a. What was the maturity date of the note?
b. What was the maturity value of the note?
c. What was the discount date of the note?
d. What proceeds did Varsity Press receive after discounting the note?
Varsity Press, a publisher of college textbooks, received a $70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader's Choice Bookstores. After 20 days, Varsity Press discounted the note at the Grove Isle Bank at a discount rate of 14.5%. The note was made on March 21.
a. What was the maturity date of the note?
b. What was the maturity value of the note?
c. What was the discount date of the note?
d. What proceeds did Varsity Press receive after discounting the note?
Explanation
Verified
Verified
a. First find the maturity date of the n...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
