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 86
Use the ordinary interest method, 360 days, to solve the following word problems. Round to the nearest cent when necessary.
Pinnacle Manufacturing received a $40,000 promissory note at 12% simple interest for 95 days from one of its customers. On day 70, Pinnacle discounted the note at the Berryville Bank at a discount rate of 15%. The note was made on September 12.
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 Pinnacle receive after discounting the note?
Pinnacle Manufacturing received a $40,000 promissory note at 12% simple interest for 95 days from one of its customers. On day 70, Pinnacle discounted the note at the Berryville Bank at a discount rate of 15%. The note was made on September 12.
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 Pinnacle 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
