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16. Equity Financial Corp. discounted the following two interest-bearing notes. Compute the missing information (use a 360-day year). a. Face Value $6,800 b. Face Value

16. Equity Financial Corp. discounted the following two interest-bearing notes. Compute the missing information (use a 360-day year).

a.

Face Value

$6,800

b.

Face Value

$3,000

Date of Note

April 16

Date of Note

October 28

Interest Rate

10%

Interest Rate

9%

Time to Run

105 days

Time to Run

45 days

Discount Date

May 31

Discount Date

November 12

Discount Rate

15%

Discount Rate

12%

Interest Amount

Interest Amount

Maturity Value

Maturity Value

Maturity Date

Maturity Date

Days of Discount

Days of Discount

Discount Amount

Discount Amount

Proceeds

Proceeds

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