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Juan Munoz held a $1,170, 45-day, non-interest-bearing note dated March 30. On April 30, he took the note to Southwest Equity Loans which discounted the
Juan Munoz held a $1,170, 45-day, non-interest-bearing note dated March 30. On April 30, he took the note to Southwest Equity Loans which discounted the note at 12%. Use a 365-day year to find the missing information on the loan. Interest Amount: $0 Maturity Value: $1,170 Maturity Date: __________ Days of Discount: __________ Discount Amount: __________ Proceeds: __________ May 13; 15 days; $5.77; $1,175.77 May 14; 14 days; $5.39; $1,164.61 May 15; 13 days; $5.00; $1,165.00 May 14; 14 days; $5.39; $1,175.39
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