Calculate the bank discount and proceeds for the following simple discount notes. Usethe ordinary interest method, 360 days, when applicable.Face Value Discount Rate (%) Term Bank Discount Proceeds$4,500 13 6 months $292.50 $4,207.50
Calculate the bank discount and proceeds for the following simple discount notes. Usethe ordinary interest method, 360 days, when applicable.Face Value Discount Rate (%) Term Bank Discount Proceeds$4,500 13 6 months $292.50 $4,207.50
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 16P
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Calculate the bank discount and proceeds for the following simple discount notes. Use
the ordinary interest method, 360 days, when applicable.
Face Value Discount Rate (%) Term Bank Discount Proceeds
$4,500 13 6 months $292.50 $4,207.50
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