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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 43
Use the ordinary interest method,360 days, to solve the following word problems. Round to the nearest cent when necessary.
Roni Locked signed a $22,500 simple discount promissory note at the Pacific National Bank. The discount rate was 11%, and the note was made on February (not in a leap-year) for 107 days.
a. What Proceeds will Roni receive on the note
b. What is the maturity date of the note
Roni Locked signed a $22,500 simple discount promissory note at the Pacific National Bank. The discount rate was 11%, and the note was made on February (not in a leap-year) for 107 days.
a. What Proceeds will Roni receive on the note
b. What is the maturity date of the note
Explanation
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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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