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Home Q & A Board Science-Related Homework Help Mathematics
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Hillier Hillier
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Posts: 550
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6 years ago
On July 12, 2013 a 140-day note promissory note for $9 175 with interest at 5.75% was issued. Find the proceeds of the note on September 30, 2013 if money is worth 7%.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
#1
6 years ago
Maturity value:
Legal due date is December 2, 2013.
Interest period is 143 days.
P = 9175; r = 0.0575; t = 
S = 9175.00  = 9175.00(1.0225274) = 9381.69
Proceeds:
Discount period is September 30 - December 2 is 63 days
S = 9381.69; r = 0.07; t = 
P =   = $9269.69
Proceeds = $9269.69
Discount = 9381.69 - 9269.69 = $112.00
Hillier Author
wrote...
#2
5 years ago
Helpful!
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