Nita Darmati signed a $9,000 simple discount note at First City Bank. The discount rate was 7%, and the note was made for 50 days. (Use a 360-day year.) Find her proceeds.
Nita Darmati signed a $9,000 simple discount note at First City Bank. The discount rate was 7%, and the note was made for 50 days. (Use a 360-day year.) Find her proceeds.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
Nita Darmati signed a $9,000 simple discount note at First City Bank. The discount rate was 7%, and the note was made for 50 days. (Use a 360-day year.) Find her proceeds.
Expert Solution
Step 1: Formula
Given that Maturity value
Bank discount rate (B) = 7%
Time of Note
Formula for bank discount (in case of simple discount)
Where, M - maturity value, T- time of note and B- bank discount rate.
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