Question: Rex Corporation accepted a $5,500, 8%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted

Rex Corporation accepted a $5,500, 8%, 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 9%. a. What is the notes maturity value? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) What is the discount period? What is the bank discount? What proceeds does Rex receive?

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