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1 . On December 1 2 , Lowell Corporation accepted a $ 1 6 0 , 0 0 0 , 1 2 0 - day;

1. On December 12, Lowell Corporation accepted a $160,000,120-day; non-interest-bearing note from Able.com. What is thematurity value of the note?
2. eXcel The face value of a simple discount note is $17,000. The discount is 4% for 160 days. Calculate the following.
a. Amount of interest charged for each note.
b. Amount borrower would receive.
c. Amount payee would receive at maturity
d. Effective rate (to the nearest tenth percent).
3. On July 14, Gracie Paul accepted a $60,000,6%,160-day note from Mike Lang. On November 12, Gracie discounted the noteat Lend Bank at 7%. What proceeds did Gracie receive?
4. Lee.com accepted a $70,000,63/4%,120-day note on July 26. Lee discounted the note on October 28 at NBKC Bank at 6%.What proceeds did Lee receive?
5. The owner of Lease.com signed a $60,000 note at Albert Bank. Albert charges a 71/4% discount rate. If the loan is for 210 days,find (a) the proceeds and (b) the effective rate charged by the bank (to the nearest tenth percent).
6. Sam Slater buys a $10,000,13-week Treasury bill at 1.875%. What is the effective rate? Round to the nearest hundredth percent.
7. Christy Smith wants to open a sports bar. If she qualifies for a $250,225 simple discount note at 9% for 280 days,what are her proceeds?
8. How much would Nellie Viner need to take out if she needed $4,500 at 7% for 85/360 days for a simple discount note?
9. Help Christy Hackett figure out the time on her simple discount note: $3,750 at 5% paying $100 in interest.

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