Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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25. The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)
 
Face
Value
Interest
Rate (%)
Date of
Note
Term of
Note (days)
Maturity
Date
Maturity
Value
(in $)
$2,200 12 Mar. 7 80                  $  
  Date of
Discount
Discount
Period (days)
Discount
Rate (%)
Proceeds
(in $)
  Apr. 15 19 $  
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