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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 44
Solve the following application problems. Round interest and discount to the nearest cent.
FINANCING CONSTRUCTION To build a new warehouse, ALDI International signed a $300,000 simple interest note at 9% for 150 days with National Bank on November 20. On February 6, National Bank sold all of its notes to Bank One. Find (a) the maturity value of the note and (b) the proceeds to National Bank given a discount rate of 10.5%.
FINANCING CONSTRUCTION To build a new warehouse, ALDI International signed a $300,000 simple interest note at 9% for 150 days with National Bank on November 20. On February 6, National Bank sold all of its notes to Bank One. Find (a) the maturity value of the note and (b) the proceeds to National Bank given a discount rate of 10.5%.
Explanation
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The following table is given, 
Recall t...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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