A First City Bank accepted a $3,500, 5%, 120-day note dated August 8 from a Capstone Company in settlement of a past bill. On October 11, First City discounted the note at Park Bank at 6%.
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.)
b. What is the discount period?
c. What is the bank discount? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
d.
What proceeds does First City receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A First City Bank accepted a $3,500, 5%, 120-day note dated August 8 from a Capstone Company in settlement of a past bill. On October 11, ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which angles are supplementary? A. ∠AFC and ∠CFB B. ∠AFC and ∠DFB C. ∠AFB and ∠CFD D. ∠AFD and ∠CFB
Answers (1)
A manatee surfaced for air 2 times in 60 seconds. how many seconds went by before the manatee surfaced the first time if it held its breath for the same rate?
Answers (1)
What is the solution to the equation? 5 (8 : 7) = 5 • x : 5 • 7 A. x = 1 B. x = 7 C. x = 5 D. x = 8
Answers (1)
Match the terms to their definition. 1. an open sentence of the form Ax + By + C 0 linear inequality2. equation containing more than one variable compound inequality3. a statement formed by two or more inequalities literal equationan
Answers (1)
1. y = (x - 1) (x + 3)
Answers (1)
New Questions in Mathematics
Kari is flying a kite. She releases 50 feet of string. What is the approximate difference in the height of the kite when the string makes a 25° angle with the ground and when the string makes a 45° angle with the ground? Round to the nearest tenth.
Answers (1)
On Saturday, Mark sold gallons of lemonade. On the same day, Regan sold as much lemonade as Mark. How much lemonade, in gallons, did Regan sell?
Answers (1)
What is the common denominator of 3/14 - 6/14
Answers (2)
Neal Selznick bought a new van for $10,000. Neal put down $1,000 and paid $275 monthly for 40 months. What is the total amount of finance charge that Neal paid at the end of 40 months?
Answers (1)
Which is greater 7,500,000m or 750km
Answers (2)