business math

posted by .

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.

  • business math -

    A promissory note for 8000 was written on 25th June for 90days at 10% interest. It was discounted on 5th July at 12%. Find
    1) the maturity valued of the note
    2) maturity date of the note
    3) the days of the discount
    4) discount amount
    5) the proceeds.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Promissory notes

    On May 12, Scott Rinse accepted an 8000.00, 12%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. What proceeds will Hafers Receive?
  2. Promissory notes

    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 …
  3. Math

    Hafers, an electrical supply company, sold $3,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.00% interest. The due date was August 18. Short of funds, Hafers contacted Charter One Bank on …
  4. accounting

    On January 1, 2008 Touring company agreed to buy some equipment from Jones Company. Touring company signed a note,agreeing to pay Jones company $500,000 for the equipment on December 31, 2010. The market rate of interest for this note …
  5. Business Math

    Hafers, an electrical supply company, sold $4,800, 12%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. What proceeds does Scott receive?
  6. Business Math

    Hafers, an electrical supply company, sold $4,800, 12%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. What is the Maturity Value (MV).
  7. Accounting

    Journalize the following transactions for Tammy Company: Sept. 1 Sold $3,500 of merchandise to Jim on account Oct. 1 Exchanged Jim’s account receivable for a fourmonth, 8% note for $3,500 Dec. 31 Recorded accrued interest on Jim’s …
  8. Business Math

    Hafers, an electrical supply co., sold $4200.00 of equipment to Coates Wiring Inc. Coates signed a promissory note 5-12th with 6.00% interest. The due date was Aug. 21st Short of funds Hafers contacted their bank on 7-6th;the bank …
  9. math

    Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Pinnacle Manufacturing received a $40,000 promissory note at 12% simple interest for 95 days from one of its …
  10. math

    Find the maturity value of the undiscounted promissory note that states that Phillip Esterey borrowed $8,000 for a period of 8 months with ordinary interest at 10%. The date of the note was August 1, 2008. The maturity date was April …

More Similar Questions