1 of 3 Last Name, First Name: Today's Date: Business Math Classwork Chapter 9 1. A company signed a promissory note to some local bank on February 17. The 80 day note is at a 12.5% interest rate. If the face value is $45,500, then determine the following: a. Principal b. Due date c. Maturity value 2 . Promissory Note Staten Island, New York February 18 Sixty days _after date, promise to pay to the order of Mike H. Fitzgerald $350,000 Three hundred fifty thousand, and 00/100 Dollars with interest at 9% per year Payable at First Nations Bank, Cincinnati OH Due April 19 Matthew Carrol Determine the following: a. Maker or payer of the note b. Lender c. Term d. Face Value This study source was downloaded by 100000815343500 from CourseHero.com on 03-01-2022 20:59:35 GMT -06:00 https://www.coursehero.com/file/98236187/Chapter-9-CWdocx/Last Name, First Name: Today's Date: 3. Fill in the blanks P R T M a $45,000 7% 4 years b $55,800 9% 18 months C $19,700 8.5% 13 weeks $42,500 10% 180 days 4. a. Mark Gates currently has $2,565.50 in his checking account. If his balance grew to $2,900.75 in 9 months, then find the interest rate. b. Allison Lowry borrows $25,000 from the bank. If she pays the bank back $27,800 in 18 months, then what's the interest rate? 5. Tom Smith signs a 15 month promissory note at an 8.5% discount rate. If the face value is $17,800.70, then determine the following: a. Maturity Value b. Bank Discount c. Proceeds This study source was downloaded by 100000815343500 from CourseHero.com on 03-01-2022 20:59:35 GMT -06:00 https://www.coursehero.com/file/98236187/Chapter-9-CWdocx/Last Name, First Name: Today's Date: 6. Fill in the blanks Maturity Discount Borrowing Bank Proceeds Value Rate Time Discount a $45,000 7% 4 years b $55,800 9% 18 months C $19,700 8.5% 13 weeks d $42,500 10% 180 days 7. John Williams purchases a $500,000, 26 week T-bill with a discount rate of 6.3%. Find the following: a. Maturity Value b. Purchase price of the T-bill. c. Interest Earned 8. Tom Lowell buys a $50,000, 39-week T-bill with a discount rate of 7.5%. Find the following: a. Maturity Value b. Purchase price c. Interest earned This study source was downloaded by 100000815343500 from CourseHero.com on 03-01-2022 20:59:35 GMT -06:00 https://www.coursehero.com/file/98236187/Chapter-9-CWdocx/