A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required:  1.Compute the following using a 360-day year:  a. Maturity value of the note $___________  b. Maturity date ___________  c. Interest $___________ 2.The note is discounted on July 1. The bank discount rate is 12%. Compute the following: a. Number of days in the discount period ___________  b. Discount amount $___________  c. Proceeds $___________

Question

 A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1.

Required: 

1.Compute the following using a 360-day year:  a. Maturity value of the note

$___________

 b. Maturity date

___________

 c. Interest

$___________

2.The note is discounted on July 1. The bank discount rate is 12%. Compute the following: a. Number of days in the discount period

___________

 b. Discount amount

$___________

 c. Proceeds

$___________

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