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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 | $10 %$ | 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
Face value
Length of loan days
Interest Rate
Date of discount April
Discount rate
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