Question: Chapter 5 Discount Notes, APR Use: B = MDT, MV = Proceeds/1-DT Date worksheet; set to 360-day year On April 10, Karim Darmati accepted a

Chapter 5 Discount Notes, APR Use: B = MDT, MV = Proceeds/1-DT

Date worksheet; set to 360-day year

On April 10, Karim Darmati accepted a note for $10,000 with 9% simple interest, due on December 6. Assume a 360-day year. Karim needed cash and took the note to First City Bank, whichagreed to buy the note at a discount of 12.5%. The transaction was made on July 7. How much did Karim receive for the note?

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