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Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. dealers to help finance large
Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. dealers to help finance large orders. This morning American Eagle accepted a 90 day, 8.6% promissory note for $800,000 from one of its sales dealers. of the note, $800,000. (a) As his banker, Richie has asked you to "run the numbers" at ten day intervals starting with day 20 and advise him as to when he can discount the note and still receive his $800,000. Day 20: $ Day 30: \$ Day 40:$ (b) (Challenge) Calculate the exact day the note should be discounted to meet Richie's goal. Day
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