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Robinson's, an electrical supply company, sold $4,000 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 4.0 % Interest.
Robinson's, an electrical supply company, sold $4,000 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 4.0 % Interest. The due date was August 10. Short of funds, Robinson's contacted Capital One Bank on July 20; the bank agreed to take over the note at a 5.7% discount (Use Days in a year table) oints What proceeds will Robinson's receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. eBook) Proceeds received Hot Print References TABLE 7.1 Exact days-in-a-year calendar (excluding leap year)* Day of month 31 January 28 February 31 March 30 April 31 May 30 June 31 July 1 1 32 31 August 30 September 31 October 30 November 31 Decem 60 91 121 152 182 213 244 274 305 2 2 335 33. 61 92 122 153 183 214 245 275 306 336 3 3 34 62 93 123 1541 184 215 246 276 307 337 4 4 35 63 94 124 155 185 216 247 277 308 S 338 S 36 64 95 125 156 186 217 248 278 309 339 6 6 37 65 96 126 157 187 218 249 279 310 340 7 17 38 66 97 127 158 188 219 250 280 311 341 8 8 39 67 98 1281 159 189 220 251 281 312 342 9 9 40 68 99 129 160 190 221 252 282 313 343 10 10 41 69 1000 130 161 191 222 253 283 314 344 11 11 42 70 101 131 162 192 223 254 284 315 345 12 12 43 71 102 132 163 193 224 255 285 316 346 13 13 44 72 103 133 164 194 225 256 286 317 347 14 14 45 73 104 134 165 195 226 257 287 318 348 15 15 46 74 105 135 166 196 227 258 288 319 349 16 16 47 75 106 136 167 197 228 259 289 320 350 17 17 48 76 107 137 168 1981 229 260 290 321 351 18 18 49 77 108 138 169 199 2301 261 291 122 352 19 19 50 78 109 139 170 200 231 262 292 323 353 20 20 51 79 110 140 171 201 232 263 293 324 354 21 31 52 80 111 141 172 202 233 264 294 325 355 22 22 53 81 112 142 173 201 234 265 295 326 356 23 23 54 82 113 143 174 204 235 266 296 327 357 24 24 55 83 114 144 175 205 236 267 297 328 355
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