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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 64
Use the ordinary interest method, 360 days, to solve the following word problems. Round to the nearest cent when necessary.
Roni Lockard signed a $24,000 simple discount promissory note at the Pacific National Bank. The discount rate was 14%, and the note was made on February 19 for 50 days.
a. What proceeds will Roni receive on the note?
b. What is the maturity date of the note?
Roni Lockard signed a $24,000 simple discount promissory note at the Pacific National Bank. The discount rate was 14%, and the note was made on February 19 for 50 days.
a. What proceeds will Roni receive on the note?
b. What is the maturity date of the note?
Explanation
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a. First find the bank discount of the s...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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