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Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) Face Discount Date of Value Rate (%) Note Bank Discount (in $) Proceeds (in $) May 3 $77,000 5 Term (days) 51 Maturity Date -Select--- ✓

Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) Face Discount Date of Value Rate (%) Note Bank Discount (in $) Proceeds (in $) May 3 $77,000 5 Term (days) 51 Maturity Date -Select--- ✓

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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**Simple Discount Note Calculation** Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) | Face Value | Discount Rate (%) | Date of Note | Term (days) | Maturity Date | Bank Discount (in $) | Proceeds (in $) | |-------------|-------------------|--------------|-------------|---------------|----------------------|-----------------| | $77,000 | 5 | May 3 | 51 | --Select-- | $ | $ | Instructions: Calculate the maturity date, bank discount, and proceeds for the note. Use the ordinary interest method where a year is considered as 360 days.
Transcribed Image Text:**Simple Discount Note Calculation** Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) | Face Value | Discount Rate (%) | Date of Note | Term (days) | Maturity Date | Bank Discount (in $) | Proceeds (in $) | |-------------|-------------------|--------------|-------------|---------------|----------------------|-----------------| | $77,000 | 5 | May 3 | 51 | --Select-- | $ | $ | Instructions: Calculate the maturity date, bank discount, and proceeds for the note. Use the ordinary interest method where a year is considered as 360 days.
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