20. SEWING CENTER Kathy Bates, owner of Marie's Sewing Center, agreed to a 10% simple discount...

 

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20. SEWING CENTER Kathy Bates, owner of Marie's Sewing Center, agreed to a 10% simple discount note with a maturity value of $18,500 on July 30. She planned to add to her inventory of sewing machines with the funds. The 120-day note is sold by the lender at a 12% discount rate on September 2. Find (a) the proceeds of the original note to Bates, (b) the discount period, (c) the discount, and (d) the proceeds at the sale of the note on September 2. 20. SEWING CENTER Kathy Bates, owner of Marie's Sewing Center, agreed to a 10% simple discount note with a maturity value of $18,500 on July 30. She planned to add to her inventory of sewing machines with the funds. The 120-day note is sold by the lender at a 12% discount rate on September 2. Find (a) the proceeds of the original note to Bates, (b) the discount period, (c) the discount, and (d) the proceeds at the sale of the note on September 2.

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