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Question

Find the maturity value of the simple interest note. The note is then discounted at 12%. Find the discount period, the discount, and the proceeds after discounting.

Date Loan Was Made | Face Value | Length of Loan | Rate | Maturity Value | Date of Discount | Discount Period | Discount | Proceeds |
---|---|---|---|---|---|---|---|---|

Feb. 7 | $6200 | 90 days | $10 $\frac{1}{2}$%$ | Apr. 1 |

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 18Start by identifying the given values.

Date the loan was made $=$ February $7$

Face value $=\$6,200$

Length of loan $= 90$ days

Interest Rate $=10\frac{1}{2}\%$

Date of discount $=$ April $1$

Discount rate $=12\%$

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