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Home Q & A Board Science-Related Homework Help Mathematics
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gewusel gewusel
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6 years ago
A note for $665 dated March 22, 2014, with interest at 7.34% per annum, is issued for 128 days. Determine
a) the legal due date;
b) the interest period (in days);
c) the amount of interest;
d) the maturity value.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
a) DT1: March 22, 2014; DBD: 128; DT2: July 28, 2014
   the legal due date is July 31, 2014
b) Number of days = 131
c) I = 665.00 * 0.0734 *   = $17.52
d) Maturity value = 665.00 + 17.52 = $682.52
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