Essay
The face value of a note is $7,500 with an interest rate of 12%. The time is based on 90 days in a 360-day year. The note has been discounted at 15% two months before the maturity of the note. How much is the discount and the proceeds?
Correct Answer:
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Discount: $193.13; Proceeds: $7,531.87; ...View Answer
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Correct Answer:
Verified
Discount: $193.13; Proceeds: $7,531.87; ...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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