Bank discount = Amount due at maturity * Discount rate * Number
of years
= $30,000 * 5.40% * (170/360)
= $765
Proceeds = Amount due at maturity - Bank discount
= $30,000 - $765
= $29,235
Complete the following table for the simple discount notes. Use the ordinary interest method. (Use 360...
The face value of a simple discount note is $4,000. The bank discount is calculated at 12% for 60 days. Use ordinary interest. Calculate: A bank discount B. proceeds C. maturity value D. Effective rate to the nearest hundredth percent
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Please show work :) Complete the following using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value to the nearest cent.) Exact time Interest Maturity value Principal Interest rate $ 585 9% Date borrowed June 05 Date repaid Dec 15
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A man has a simple discount note for $6,200, at an ordinary bank discount rate of 8.53%, for 50 days. What is the effective interest rate using the banker's rule?
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Use ordinary interest: Principal $70,000 Rate of Interest: 11% Time: 90 days Maturity Value: A Date note made Mar 10 Date note discounted: April 15 discount period: B proceeds: C note to be discounted at 10%
For each of the following notes receivable, compute the amount of interest revenue eamed during 2018. Use a 360-day year, and round to the nearest dollar Click the icon to view the notes.) Enter the amount of interest revenue earned during 2018 for each note. Use a 360-day year. (Round your final answers to the nearest whole dollar.) Note 1 Note 2 Note 3 Note 4 i Data Table Interest Period During 2018 2 months Principal Interest Rate Note 1...