Question
1a) On June 1, Donaldson's Trucking accepts a $3000 note in settlement of a bill. The note is for 180 days at 10% interest. Donaldson
1a) On June 1, Donaldson's Trucking accepts a $3000 note in settlement of a bill. The note is for 180 days at 10% interest. Donaldson sells the note at a 11% discount rate on July 22. Find the proceeds. A) $3025.84 B) $3024.88 C) $2985.01 D) $3037.12
b) Find the maturity value on a $4765 face-value note for 273 days if the discount rate is 11%. A) $5155.60 B) $5168.08 C) $5162.48 D) $5158.47
c)Twin City Freezer accepts a note with face value of $5150 on June 4. The note is for 270 days at 10% interest. The note is discounted on July 23 at 12%. Find the proceeds. A) $5196.39 B) $5063.48 C) $5128.41 D) $5126.57
d) A holder of a $19,200, 10%, 240-day note dated June 1 decides to sell the note at a discount. The note is sold on July 18 at a discount of 11%. Find the proceeds.
e) A loan is made on August 15 and has a due date of April 30 during a non-leap year. Find the exact time of the loan. A) 258 days B) 289 days C) 158 days D) 257 days
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