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May 5, 2015

Homework Help: Promissory notes

Posted by Scott on Sunday, March 16, 2008 at 12:29am.

Hafers, an electrical supply company, sold 4800.00 of equipment to Jim Coates Wing, INC Coates signed a promissory note May 12 with 4.5% intrest. The due date was August 10. Short of funds, Hafers contacted Charter One Bank on July 20th the bank agreed to take over the note at a 6.2% discount. What proceeds will Hafers Receive? Please use 360 and not 365

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