Question: Rex Corporation accepted a $ 8 , 0 0 0 , 6 % , 1 2 0 - day note dated August 8 from Regis

Rex Corporation accepted a $

8, 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.

)

.

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. Answer is complete but not entirely correct. Maturity value b

.

What is the discount period? C

.

What is the bank discount? D

.

What proceeds does Rex receive?

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