Roni Lockard signed a $22,500simple discount promissory note at the Pacific National Bank. The discount rate was11%,and

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Roni Lockard signed a $22,500 simple discount promissory note at the Pacific National Bank. The discount rate was 11%, and the note was made on February 17 (not in a leap-year) for 107 days.

a. What proceeds will Roni receive on the note?

b. What is the maturity date of the note?

Use the ordinary interest method, 360 days, to solve it.

Related Book For answer-question

Smith and Roberson Business Law

ISBN: 978-0538473637

15th Edition

Authors: Richard A. Mann, Barry S. Roberts

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Posted Date: Nov 09, 2023 08:11 AM

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Roni Lockard signed a $22,500simple discount promissory note at the Pacific National Bank. The discount rate was11%,and

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Smith and Roberson Business Law

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