The following interest-bearing promissory note was discounted at a bank by the payee before maturity. to the nearest cent.) Face Interest Value Rate (%) $1,210 7.1 Date of Note Sept. 16 Date of Discount Dec. 9 Term of Note (days) 130 Discount Period (days) Maturity Date -Select-- *** Discount Rate (%) 11.3 Maturity Value (in $) Proceeds (in $)
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. to the nearest cent.) Face Interest Value Rate (%) $1,210 7.1 Date of Note Sept. 16 Date of Discount Dec. 9 Term of Note (days) 130 Discount Period (days) Maturity Date -Select-- *** Discount Rate (%) 11.3 Maturity Value (in $) Proceeds (in $)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
the following interest bearing promissory note was discounted at a bank by the oayee before maturity. use the ordinary interest method 360 days to calculate the missing information. round dollars to the nearest cent.
![The following interest-bearing promissory note was discounted at a bank by the payee before maturity. U
to the nearest cent.)
Face Interest
Value
Rate(%)
$1,210
17.1
Date of
Note
Sept. 16
Date of
Discount
Dec. 9
Term of
Note (days)
130
Discount
Period (days)
Maturity
Date
Select--
Discount
Rate(%)
11.3
Maturity
Value
(in $)
Proceeds
(in $)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F37732511-c3ea-4207-9a9c-58423243c8dc%2F668f45cf-a671-4381-858e-8708d2f5e1d3%2F8w9la2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following interest-bearing promissory note was discounted at a bank by the payee before maturity. U
to the nearest cent.)
Face Interest
Value
Rate(%)
$1,210
17.1
Date of
Note
Sept. 16
Date of
Discount
Dec. 9
Term of
Note (days)
130
Discount
Period (days)
Maturity
Date
Select--
Discount
Rate(%)
11.3
Maturity
Value
(in $)
Proceeds
(in $)
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