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- 4. The interest on a $2,500 note for 45 days at 8% is $30. True or FalseA promissory note has a face value of $5175.00 and it has a date of issue of April 2 this year. The term is for 5 months. The rate of interest is 6.75%. What is the maturity value of the note? Select one: O A. $5334.20 O B. $5444.30 O C. $5342.30 O D. $5234.30 O E. $5324.30A 102-day note for $85 bears simple interest at 4.5% and is sold 22 days before maturity to a bank that uses a simple interest rate of 8%. What are the proceeds?
- The maturity value of a 12%, 60-day note for $5,000 is $5,600. Please explain your answer with explanation. a. True b. FalseA non-interest bearing note has a face value of $3000. The note is due 96 days from today. Money is currently worth 8% per annum. Find the present value of the note. Select one: a. $2938 b. $3063 c. $2778 d. $29236. A note with interest at 6% is drawn on April 15 and matures on August 25. The face value (principal) is RM500. If the money is worth 8%, find the present value on July 26
- 8. Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Face value (principal) Rate of interest Length of note Maturity value date of note date note discounted discount period bank discount proceeds $25,000 9% 60 days June 8 July 10What is the effective interest rate of a simple discount note for $31,200, at an ordinary bank discount rate of 14%, for 30 days? Assume that there are 360 days in a year. The effective interest rate is %. (Round to the nearest tenth as needed.) E 4The maturity value of a $491000, 76-day, 7.5% note receivable is (two decimals):
- An $9,000 note dated 06/22/2020, matures on 12/22/2020 at 8.15%. (Banker’s Rule) In how many days is the note due? What interest is paid on the note?The maturity value of a $28,000, 6%, 60-day interest-bearing note is:4. A note having a face value of P9,300 was discounted at 11%. If the proceeds were 8,788.50. Find the term of the loan in months.