Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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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 $)
$1,210 7.9 Sept. 17 130  ---Select--- January February March April May June July August September October November December 
  Date of
Discount
Discount
Period (days)
Discount
Rate (%)
Proceeds
(in $)
Dec. 10   11.3
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