question archive Use the ordinary interest method, 360 days, to solve the following word problem
Use the ordinary interest method, 360 days, to solve the following word problem
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Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $30,000 simple discount promissory note at the Pacific National Bank. The discount rate was 10%, and the note was made on February 16 (not in a leap-year) for 88 days. Do not round intermediate calculations. a. What proceeds will Roni receive on the note? $ b. What is the maturity date of the note?
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