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Business Math

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Varsity Press, a publisher of college textbooks, received a $70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader’s Choice Bookstores. After 20 days, Varsity Press discounted the note at the Grove Isle Bank at a discount rate of 14.5%. The note was made on March 21. What was the maturity date of the note?

  • Business Math - ,

    March 31-21 (Date of note)=10 days remaining.

    Take the 60 days-10 (days remaining in march)=50-30 (days in April)=20 days

    So, the maturity date of the note is May 20th.

  • Business Math - ,

    Using the scenario from the previous question, calculate the maturity value of the note.

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