Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $24,500 simple discount promissory note at a certain bank. The discount rate was 13%, and the note was made on February 16 (not in a leap-year) for 118 days. (a) What proceeds (in $) will Roni receive on the note? $ (b) What is the maturity date of the note?
Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $24,500 simple discount promissory note at a certain bank. The discount rate was 13%, and the note was made on February 16 (not in a leap-year) for 118 days. (a) What proceeds (in $) will Roni receive on the note? $ (b) What is the maturity date of the note?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...
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Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary.
Roni Lockard signed a $24,500 simple discount promissory note at a certain bank. The discount rate was 13%, and the note was made on February 16 (not in a leap-year) for 118 days.
(a)
What proceeds (in $) will Roni receive on the note?
$
(b)
What is the maturity date of the note?
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