Homework Help: business math

Posted by kadija on Saturday, August 18, 2012 at 5:33pm.

Word Problem 11-17

Hafers, an electrical supply company, sold $3,100 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 5.50% interest. The due date was August 22. Short of funds, Hafers contacted Charter One Bank on July 13; the bank agreed to take over the note at a 6.70% discount. (Use Days in a year table.)

What proceeds will Hafers receive? (Use 360 days a year.

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