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First, find the initial proceeds of the simple discount note. Then, find the discount period, the ...

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First, find the initial proceeds of the simple discount note. Then, find the discount period, the ...

First, find the initial proceeds of the simple discount note. Then, find the discount period, the discount, and proceeds after discounting.

Date Loan Was Made: Jan. 20
Maturity Value: $40,000
Length of Loan: 60 days
Rate: 10%
Date of Discount: Mar. 4
Discount %: 10%

▸ Initial Proceeds: $79,333.33;
Discount Period: 19 days;
Discount: $577.78;
Proceeds After Discount $79,811.11

▸ Initial Proceeds: $39,333.33;
Discount Period: 17 days;
Discount: $188.89;
Proceeds After Discount: $39,811.11

▸ Initial Proceeds: $119,333.33;
Discount Period: 19 days;
Discount: $644.44;
Proceeds After Discount: $119,811.11

▸ Initial Proceeds: $39,333.33;
Discount Period: 17 days;
Discount: $822.22;
Proceeds After Discount: $79,811.11

Textbook

Business Mathematics

Edition: 15^th

Authors: Clendenen, Moninger

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Thanks for your help!!

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This site is awesome

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