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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
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.) Face value (principal) Rate of interest Length of note Maturity value Date of note $ 25,000 9% 60 days June 8 Date note discounted July 10 Discount period Bank discount Proceeds 55 es TABLE 7-1 Exact days-in-a-year calendar (excluding leap year)" Day of month 31 28 31 Jan. Feb. Mar 1 1 32 2 3 4 234 33 34 5 01234 67 597 30 31 31 30 31 June July Aug. 31. Dec. 152 182 213 122 153 183 214 123 154 184 185 159 160 130 161 191 301 101 131 192 192 157 103 132 133 134 135 322 108 109 262 110 263 111 141 264 112 142 265 113 143 266 83 114 144 236 267 84 115 145 237 268 359 85 116 146 238 269 360 86 117 1039 270 118 148 240 271 119 149 241 272 120 150 181 242 273 151 212 243
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