# math

A 7%,6O day note was discounted at 15 days before the maturity date. If the discount rate was 5.5% and the proceeds received were \$ 997,77,find

a)the amount of discount that was charged
b)the discount date if maturity date of the note is 26 october 1991
c)face value

a) 997,77= (1+0.07(60/360))
=

a)\$2.29
b)11 october 1991
c)988.53

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