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Rex Corporation accepted a $10,500, 4%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted
Rex Corporation accepted a $10,500, 4%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 5%. (Use Days in a year table.) a. What is the note's maturity value? (Use 360 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? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Bank discount d. What proceeds does Rex receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Proceeds received I TABLE 7-1 Exact days-in-a-year calendar (excluding leap year) 31 Dec. Day of month 1 2 31 Jan 1 2 3 28 Feb 32 33 34 335 3130 3130 313130 31 Mar Apr May June July Aug. Sept. Oct. 60 91 121 152 182 213 244 61 92 122 153 183 214 245 62 93 123 154 184 246 94 124 155 185 216 156 186 217 249 251 220 221 222 100 101 130 131 192 223 254 284 224 166 196 137 168 138 169 139170 140 171 141 172 142 173 143 174 144 175 145 176 146 177 147 178 148 179 149 180 150 181 151 - 115 116 206 207 208 237 238 269 119 120 - 210 211 212 241 242 243 90 Often referred to as a Julian calendar
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