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 $) $1,220 7.4 Sept. 18 130 ???? ???? Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $) Dec. 11 ??? 11.6 ???
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 $) $1,220 7.4 Sept. 18 130 ???? ???? Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $) Dec. 11 ??? 11.6 ???
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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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 $)
$1,220 7.4 Sept. 18 130 ???? ????
Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $)
Dec. 11 ??? 11.6 ???
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