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13.4 DISCOUNTING A NOTE 515 17. CEMENTFOUNDATION On April 20, Hendrix Foundations accepts a$18.500 note for work done on the cement foundation for a commercial building. The note is for 180 days at 7.5% simple interest. If Hendrix sells the note at a 9% discount rate 30 days after receipt, find the discount and proceeds 18. ELECTRONIC GAMES Wanrior Games accepted a $420,800 note from a large retailer for several thousand copies of electronic games. The note is for 200 days at 7% interest. firm sells the an discount rate 90 days after receipt for the proceeds 19. REDISCOUNTING A NOTE Citizen's First Bank accepted a $24,000 simple discount note from a customer at a discount rate of 10 for 150 days. They rediscounted the note to Northside Bank at 11% exactly 90 days before its date. Find the proceeds to the customer, (b) the proceeds to Citizen's First Bank, actual amount of and (c) the interest earned by Citizen's First Bank on the note 20. SIMPLE DISCOUNT NOTE Farmer's Bank accepted a simple discount note from a customer. The note was for 120 days at an rate. The bank counted the note at a second bank, at 8%, 15 days before the maturity date of the note. Find each of the following: (a) the proceeds to the customer of Farmer Bank, (b) the pro ceeds to Farmer's Bank when it rediscounted the note, and (c) the actual amount of interes earned by Farmer's Bank on the note 1. DISCOUNT NOTE State Bank accepts a simple discount note at 12% for 280 days December 3, with a maturity value of s36,500. May 4 the following year. Find (a) the proceeds to the maker of the note, bo the proceeds to S Bank, and (c) the actual interest earned by State Bank DISCOUNT NOTE On March 13, First Bank accepted a note due in 180 days w face value of $45,000 and a discount rate of9.8%. The bank discounts the note on J at a rate of 10.5%. Find (a) the proceeds to the customer of the bank, (b) th eeds to the bank when it rediscounts the note, and (c) the actual amount of anned by the bank BILLS on behalf of the bank where he works, Jim Jackson purchased S10 week Tbills at a discount rate of 4.8% and sold them 32 weeks later at a disc 50. nd (a) the total purchase price, (b) the discount at the time of sale (c ds to the bank, and the effective interest rate to Jim Jackson. (Hint: Trea count no