Question: QUESTION 7 Ed signed a $30,000 simple discount promissory note. The discount rate was 6%, ordinary interest, and the note was made on May 8

QUESTION 7

  1. Ed signed a $30,000 simple discount promissory note. The discount rate was 6%, ordinary interest, and the note was made on May 8 for 150 days

    a. What are the proceeds that Ed will receive on the note?

    b. What is the maturity date of the note?

    c. What is the effective rate of interest of the note?

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