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Please zoom the picture Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest
Please zoom the picture
Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Proceeds Face value (principal) $26,300 Rate of interest 9% Length of note 65 days Maturity value $ Date of note March 17 Date note discounted April 20 Discount period days Bank discount $ $ TABLE 7.1 Exact days-in-a-year calendar (excluding leap year)* 30 Day of month 31 Aug. 30 Sept. 31 Oct. 31 Dec. 31 28 Jan Feb - 32 - 33 - 34 S 35 31 Mar 60 61 62 63 30 Apr 91 92 93 31 May 121 122 123 124 125 126 127 30 June 152 153 154 155 156 157 158 31 July 182 183 184 185 213 214 215 274 275 244 245 246 95 96 189 99 129 160 282 253 192 254 284 285 255 72 194 74 75 - 197 77 131 162 102132163 103 133 164 L 134 165 105 135 166 106 136 167 107137 108 138 109139170 TO 140 171 1 141 172 112 142 173 113 143 174 114 144 175 115 145 176 116 146 177 117 147 178 118 148 179 119 149 180 120 150 181 - 151 - - 84 206 268 298 329 86 - 87 88 89 90 - - - 208 209 210 211 212 239 240 241 242 243 270 271 272 273 - 300 301 302 303 304 331 332 333 334 364 *Often referred to as a Julian calendarStep by Step Solution
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