Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please show work In order to plant Christmas trees in another field, Bill signed a note with a face value of $32,000 at a 11%
Please show work
In order to plant Christmas trees in another field, Bill signed a note with a face value of $32,000 at a 11% discount rate. Find the length of the loan in days given that the discount is $1662.22. Use banker's interest of 360 days. The length of the loan is days. (Round to the nearest whole number.) Find the maturity value, discount period, discount, and proceeds for a promissory note that is discounted at 8%. Use banker's interest of 360 days. Loan Made on Rate % Face Value $7500 Length of Loan (Days) 160 Date of Discount Sept. 10 May 18 7 Click the icon to view the Number of Each of the Days of the Year table. The maturity value is $ (Round to the nearest cent as needed.) The discount period is days. The discount is $ (Round to the nearest cent as needed.) The proceeds are $0. (Round to the nearest cent as needed.) First, find the initial proceeds of the following simple discount note. Each note is then discounted at 11% on April 2. Find the discount period, the discount, and the proceeds after discounting. Use banker's interest of 360 days. Loan Made on Rate % Maturity Value $18,800 Length of Loan (Days) 160 days Date of Discount April 2 January 29 7.5% Click the icon to view the Number of Each of the Days of the Year table. The initial proceeds are $| (Round to the nearest cent as needed.) The discount period is days. The discount is $ (Round to the nearest cent as needed.) The proceeds at the time of sale are $17Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started