1.)

A. a non-interest bearing promissory note for $1939.00 was discounted at 3% p.a. compounded monthly. If the proceeds of the note were $1754.00, how long before the due date was the note discounted? State your answer in years and months (from 0 to 11 months).

The note was discounted ____________ year(s) and ________ month(s) before the due date.

B. Determine the number of compounding periods for the following investment.

Principal	Future Value	Interest Rate	Frequency of Conversion
$1092	$1304	6.6%	monthly

The number of compounding periods is______

C. Find the proceeds of the following promissory note. A nine-year promissory note dated July 1, 2014,

with a face value of $2200.00 bearing interest at 3.7% compounded monthly, discounted three years

later when money was worth 3% compounded quarterly.

The proceeds of the note are $________