Ordinary interest method


Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Round your answers to 2 decimal places. Omit the "tiny_mce_markerquot; sign in your response.)

Face value Rate of Length of Maturity Date of Date note Discount Bank

(principal) interest note value note discounted period discount Proceeds

$42,000 13% 105 days $ June 20 July 5 $ $

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Business Management: Ordinary interest method
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