Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Rex Corporation accepted a $ 1 4 , 5 0 0 , 5 % , 1 2 0 - day note dated August 8 from
Rex Corporation accepted a $day note dated August from Regis Company in settlement of a past bill. On October Rex discounted the note at Park Bank at Use Days in a year table.
a What is the note's maturity value?
Note: Use days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
Maturity value
b What is the discount period?
Discount period
days
c What is the bank discount?
Note: Use days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
Bank discount
d What proceeds does Rex receive?
Note: Use days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
Proceeds received
Step 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