BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Solutions

Chapter
Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Varsity Press, a publisher of college textbooks, received a $70,000 promissory note at 12% ordinary interest for 60 days from one of its customers. Reader's Choice Bookstores. After 20 days. Varsity Press discounted the note at the Grove Isle Bank at a discount rate of 14.5%. The note was made on March 21.

a. What was the maturity date of the note?

b. What was the maturity value of the note?

c. What was the discount date of the note?

d. What proceeds did Varsity Press receive after discounting the note?

(a)

To determine

To calculate: The maturity date where V press received a $70,000 promissory note, the interest rate is 12% for 60 days from its customer R bookstore. After 20 days, the note was discounted at the rate 14.5%. The date of the note is 21 March.

Explanation

Given Information:

V press received a $70,000 promissory note, the interest rate is 12% for 60 days from its customer R bookstore. After 20 days, the note was discounted at the rate 14.5%. The date of the note is 21 March.

Formula used:

Steps for determining the maturity date of a loan are:

Step1. Calculate the number of days that are left in the month loan is taken by subtracting the loan date from the number of days in the month.

Step2. Subtract the number of days remaining in the first month from the total duration of the loan.

Step3. Keep on subtracting the days from consequent months until the maturity date corresponds to the difference

(b)

To determine

To calculate: The maturity value of the promissory note where V press received a $70,000 promissory note, the interest rate is 12% for 60 days from its customer R bookstore. After 20 days, the note was discounted at the rate 14.5%. The date of the note is 21 March.

(c)

To determine

To calculate: The discount date of the promissory note where V press received a $70,000 promissory note, the interest rate is 12% for 60 days from its customer R bookstore. After 20 days, the note was discounted at the rate 14.5%. The date of the note is 21 March.

(d)

To determine

To calculate: The proceeds of the promissory note where V press received a $70,000 promissory note, the interest rate is 12% for 60 days from its customer R bookstore. After 20 days, the note was discounted at the rate 14.5%. The date of the note is 21 March.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 10 Solutions

Show all chapter solutions add
Sect-10.I P-5RESect-10.I P-6RESect-10.I P-7RESect-10.I P-8RESect-10.I P-9RESect-10.I P-10RESect-10.I P-11RESect-10.I P-12RESect-10.I P-13RESect-10.I P-14RESect-10.I P-15RESect-10.I P-16RESect-10.I P-17RESect-10.I P-18RESect-10.I P-19RESect-10.I P-20RESect-10.I P-21RESect-10.I P-22RESect-10.I P-23RESect-10.I P-24RESect-10.I P-25RESect-10.I P-26RESect-10.I P-27RESect-10.I P-28RESect-10.I P-29RESect-10.I P-30RESect-10.I P-31RESect-10.I P-32RESect-10.I P-33RESect-10.I P-34RESect-10.I P-35RESect-10.I P-36RESect-10.I P-37RESect-10.I P-38RESect-10.I P-39RESect-10.I P-40RESect-10.I P-41RESect-10.I P-42RESect-10.I P-43RESect-10.I P-44RESect-10.I P-45RESect-10.I P-46RESect-10.I P-47RESect-10.II P-7TIESect-10.II P-8TIESect-10.II P-9TIESect-10.II P-10TIESect-10.II P-1RESect-10.II P-2RESect-10.II P-3RESect-10.II P-4RESect-10.II P-5RESect-10.II P-6RESect-10.II P-7RESect-10.II P-8RESect-10.II P-9RESect-10.II P-10RESect-10.II P-11RESect-10.II P-12RESect-10.II P-13RESect-10.II P-14RESect-10.II P-15RESect-10.II P-16RESect-10.II P-17RESect-10.II P-18RESect-10.II P-19RESect-10.II P-20RESect-10.II P-21RESect-10.II P-22RESect-10.II P-23RESect-10.II P-24RESect-10.II P-25RESect-10.II P-26RESect-10.II P-27RESect-10.II P-28RESect-10.II P-29RESect-10.II P-30RESect-10.II P-31RESect-10.II P-32RESect-10.II P-33RESect-10.II P-34RESect-10.II P-35RESect-10.II P-36RESect-10.II P-37RESect-10.III P-11TIESect-10.III P-12TIESect-10.III P-13TIESect-10.III P-14TIESect-10.III P-1RESect-10.III P-2RESect-10.III P-3RESect-10.III P-4RESect-10.III P-5RESect-10.III P-6RESect-10.III P-7RESect-10.III P-8RESect-10.III P-9RESect-10.III P-10RESect-10.III P-11RESect-10.III P-12RESect-10.III P-13RESect-10.III P-14RESect-10.III P-15RESect-10.III P-16RESect-10.III P-17RESect-10.III P-18RESect-10.III P-19RESect-10.III P-20RESect-10.III P-21RESect-10.III P-22RESect-10.III P-23RESect-10.III P-24RESect-10.III P-25RESect-10.III P-26RESect-10.III P-27RESect-10.III P-28RESect-10.III P-29RECh-10 P-1CRCh-10 P-2CRCh-10 P-3CRCh-10 P-4CRCh-10 P-5CRCh-10 P-6CRCh-10 P-7CRCh-10 P-8CRCh-10 P-9CRCh-10 P-10CRCh-10 P-11CRCh-10 P-12CRCh-10 P-13CRCh-10 P-14CRCh-10 P-1ATCh-10 P-2ATCh-10 P-3ATCh-10 P-4ATCh-10 P-5ATCh-10 P-6ATCh-10 P-7ATCh-10 P-8ATCh-10 P-9ATCh-10 P-10ATCh-10 P-11ATCh-10 P-12ATCh-10 P-13ATCh-10 P-14ATCh-10 P-15ATCh-10 P-16ATCh-10 P-17ATCh-10 P-18ATCh-10 P-19ATCh-10 P-20ATCh-10 P-21ATCh-10 P-22ATCh-10 P-23ATCh-10 P-24ATCh-10 P-25ATCh-10 P-26ATCh-10 P-27ATCh-10 P-28ATCh-10 P-29ATCh-10 P-30ATCh-10 P-31ATCh-10 P-32ATCh-10 P-33ATCh-10 P-34ATCh-10 P-35ATCh-10 P-36ATCh-10 P-37AT

Additional Math Solutions

Find more solutions based on key concepts

Show solutions add

Factor each trinomial completely: x2+2x8

Elementary Technical Mathematics

Fill in the blanks. 7. a. An equation of the line passing through the point P(x1, y1) and having slope m is ___...

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Draw a polygon for the distribution of scores shown in the following table. X f 6 2 5 5 4 3 3 2 2 1

Essentials of Statistics for The Behavioral Sciences (MindTap Course List)

Find the limit or show that it does not exist. limx1ex1+2ex

Single Variable Calculus: Early Transcendentals, Volume I

Simplify the expressions in Exercises 97106. 41/147/2

Finite Mathematics and Applied Calculus (MindTap Course List)

Find all degree solutions. 2sin23+3sin3+1=0

Trigonometry (MindTap Course List)

Proof Prove that abx2dxb3a33

Calculus of a Single Variable

Sometimes, Always, or Never: If {an} is increasing and bounded above, then {an} converges.

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Define a construct and explain the role that constructs play in theories.

Research Methods for the Behavioral Sciences (MindTap Course List)