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April 20, 2014

Homework Help: Discount Note

Posted by Scott on Saturday, March 15, 2008 at 8:54am.

The September 2003 issue of money stated that intrest rates have climbed to 5.99% Nancy Martin, owner of Martins Textile Manfacturing, supplied Dolan Limited with clothing worth 7353.00 The terms of sale were 180 days and 5.4% intrest. Dolan Limited took possession of the order on March 3, 2004. On April 15, 2004, Nancy discovers, she has a cash flow problem; a bank agrees to discount the note at 5.99% A) what is the bank discount amount? B What amount would Nancy Receive? Round to the nearest cent.

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