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...
Ron Prentice bought goods from Shelly Katz. On May 26, Shelly gave Ron a time extension on his bill by accepting a $3,500, 8.80%, 150-day note. On August 31, Shelly discounted the note at Roseville Bank at 9.80%. (Use Days in a year table.) What proceeds does Shelly Katz recei...