Use the ordinary interest method, 360 days, to solve the following wordproblem. Round to the nearest cent when necessary.Roni Lockard signed a $28,500 simple discount promissory note at a certainbank. The discount rate was 13%, and the note was made on February 11(not in a leap-year) for 119 days.(a) What proceeds (in $) willI Roni receive on the note?$(b) What is the maturity date of the note?June10

Use the ordinary interest method, 360 days, to solve the fol problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory r bank. The discount rate was 13%, and the note was made o (not in a leap-year) for 119 days. (a) What proceeds (in $) will Roni receive on the note? (b) What is the maturity date of the note? June 10

Use the ordinary interest method, 360 days, to solve the fol problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory r bank. The discount rate was 13%, and the note was made o (not in a leap-year) for 119 days. (a) What proceeds (in $) will Roni receive on the note? (b) What is the maturity date of the note? June 10

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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