29 Nov Promissory Notes and Discounting
6027Calculate the discount period for the bank to wait to receive its money:
Date of note
Length of note Date note discounted
Discount period
(a)April 12
45 days
May 2
?
(b)
March 7
120 days
June 8
?
Agnes Abanilla was granted a loan of $20,000 by her employer CPM Industrial Fabricator and
Construction Corporation with an interest of 6% for 180 days on the principal collected in
advance. The corporation would accept a promissory note for $20,000 non-interest for 180
days. If discounted at once, find the proceeds of the note.
Tina Mier must pay a $2,000 furniture bill. A finance company will loan Tina $2,000 for 8 months at a 9%
discount rate.The finance company told Tina that if she wants to receive exactly $2,000, she must borrow
more than $2,000. The finance company gave Tina the following formula:
What to ask for
= Amount in cash to be received
1 – (Discount X Time of Loan)
Calculate Tina’s loan request and the effective rate of interest to the nearest hundredth percent.
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