Question: Rex Corporation accepted a $15,500, 7%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted

Rex Corporation accepted a $15,500, 7%, 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 8%. (Use Days in a year table.)

A. What is the notes maturity value?

B. What is the discount period?

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.

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.

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