# math(urgent)

9.A 10%,100-day note was dated 20 september 1992.the maturity value of the note was \$3083.33.If the note was discounted on 17 november 1992 at 12%,FIND

i) the maturity date of the note
= 29 december 1992

ii)the face value of the note

\$3083.33 = (1+0.1(100/360)
= 1.0278
= 3083.33/1.0278
= 2.999.9

or

= (1-0.1(100/360)
= 0.9722
= 3083.33/0.9722
= 3171.49

but the answer is = 5100

actually i still confuse what actually formula to find face value.we need - or + ?

1. 👍 0
2. 👎 0
3. 👁 38

## Similar Questions

1. ### math

9.A 10%,100-day note was dated 20 september 1992.the maturity value of the note was \$3083.33.If the note was discounted on 17 november 1992 at 12%,FIND i) the maturity date of the note = 29 december 1992 ii)the face value of the

asked by fizz on May 19, 2014
2. ### math

9.A 10%,100-day note was dated 20 september 1992.the maturity value of the note was \$3083.33.If the note was discounted on 17 november 1992 at 12%,FIND i) the maturity date of the note = 29 december 1992 ii)the face value of the

asked by AMY on May 18, 2014

the maturity value of a \$20,000, 7%, 75-day interest-bearing note dated september 10 is?

asked by jacqueline on October 9, 2015
4. ### 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

asked by reva on December 22, 2014
5. ### Discount Notes

On september 5, sheffield company discounted at Sunshine bank a 9000.00 (Maturity Value), 120-day note dated June 5, Shunshine's discount rate was 9% What proceeds did sheffield company receive

asked by Scott on March 15, 2008
6. ### Discount Notes

On september 5, sheffield company discounted at Sunshine bank a 9000.00 (Maturity Value), 120-day note dated June 5, Shunshine's discount rate was 9% What proceeds did sheffield company receive

asked by Scott on March 15, 2008
7. ### Discount Note

On September 5, Sheffield company discounted at sunshine bank a 9000.00 Maturity value, 120-day note dated June 5, shushines discount rate was 9%. What proceeds did sheffield company receive? Use the 360 days

asked by Scott on March 16, 2008
8. ### Promissory Notes

On September 5th, Sheffield Company discounted at Sunshine Bank a 9000.00 (maturity value), 120-day note dated June 5th. Sunshine's discount rate was 9%. What proceeds did sheffield company receive. We are using 360 day and NOT

asked by Scott on March 15, 2008
9. ### Promissory Notes

On September 5, Sheffield Company Discounted at Sunshine Bank a 9000.00 (maturity value), 120-day note dated June 5th Sunshine's discounted rate was 9%. What proceeds did Sheffield Company Receive?

asked by Scott on March 15, 2008