Question: John received a 130-day promissory note with maturity date 12 July 2008 at 6.5% simple interest. 34 days before the maturity date, John discounted the
John received a 130-day promissory note with maturity date 12 July 2008 at 6.5% simple interest. 34 days before the maturity date, John discounted the note at a bank at 5.2% discount rate and received a bank discount of $42.50. Find : a) the date of the note b) the maturity value c) the face value d) the number of days the note was kept by John before it was sold to the bank.
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