Question: Rex Corporation accepted a $15,000, 6%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted
Rex Corporation accepted a $15,000, 6%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 7%. (Use Days in a year table.) a. What is the note's maturity value? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Maturity value $ 15,134.55 ok t ant ences b. What is the discount period? Discount period days c. What is the bank discount? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Bank discount d. What proceeds does Rex receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Proceeds received month 31 January 28 February 31 March 30 April 31 May 30 June 1 31 July 1 32 60 91 121 152 182 31 August 30 September 31 October 30 November 31 Decem 2 2 213 33 244 274 61 305 92 122 335 153 183 3 214 3 34 245 62 275 93 306 336 123 154 184 4 215 4 35 246 276 63 307 94 124 337 155 5 185 216 5 247 36 277 64 308 95 125 338 156 186 6 217 6 248 37 278 65 96 309 339 1261 157 187 7 7 218 249 38 279 66 97 310 340 127 158 8 188 219 8 250 39 67 280 311 98 128 159 341 9 189 220 9 40 251 281 68 312 99 342 129 160 10 190 10 221 252 41 282 69 313 100 343 130 161 11 191 222 11 253 42 2831 70 314 101 344 IM 162 12 192 223 12 254 43 284 71 315 102 345 132 163 13 193 13 224 255 441 285 72 316 103 346 133 164 14 194 225 14 256 45 286 317 73 347 104 134 15 165 195 15: 226 237 46 287 74 318 348 105 135 166 16 196 227 16 47 258 285 319 75 349 106 136 167 17 197 228 17 259 48 289 76 320 107 350 137 168 198 IN 229 18 260 49 290 77 321 108 351 138 169 19 199 19 230 50 261 291 78 322 352 109 139 170 20 200 20 231 31 262 292 79 323 353 110 140 171 21 201 21 232 263 52 293 324 80 354 111 141 172 22 202 22 233 53 264 294 NO 325 355 112 142 173 23 203 234 23 54 265 295 82 326 356 113 143 174 24 204 235 24 55 266 296 33 327 357 114 144 175 25 205 236 25 56 267 297 84 328 115 358 145 176 206 26 26 237 57 268 295 25. 329 359 116 146 177 207 238 269 299 330 360
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