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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 25
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 & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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