Question: Promissory Notes Word Problems Avida Manufacturing received a 400 , 000 promissory note at 12 % simple interest for 95 days from one of its

Promissory Notes Word Problems

  1. Avida Manufacturing received a 400,000 promissory note at 12% simple interest for 95 days from one of its customers. After 70 days Avida discounted the note at the a Bank at a discount of 15%. The note was made on September 12.

Find a.) What is the maturity date of the note?

b.) What is the maturity value of the note?

c.) What is the discount date of the note?

d.) What proceeds will Avida receive after discounting the notes?

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