Date of Note March 11, length of note 200 days, Date of discount, June 28. What is the maturity date and the discount period, no leap years, exact days

Rex Corporation accepted a $5,000 8%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 9%. What is the note's dicount period?

Rex Corporation accepted a $5,000 8%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 9%. What is the note's maturity value?

To determine the maturity date and the discount period, we need to add the length of the note to the date of the note and calculate the difference between the discount date and the maturity date.

1. Start with the given information:
- Date of Note (DN): March 11
- Length of Note (LN): 200 days
- Date of Discount (DD): June 28

2. Find the maturity date:
Add the length of the note (200 days) to the date of the note (March 11):
- DN + LN = Maturity Date (MD)

March 11 + 200 days = September 28

Therefore, the maturity date is September 28.

3. Calculate the discount period:
Subtract the discount date (June 28) from the maturity date (September 28):
- MD - DD = Discount Period (DP)

September 28 - June 28 = 3 months

Since no leap years are involved, we assume each month has exactly 30 days.
Therefore, the discount period is 3 months or 90 days.

Hence, the maturity date is September 28, and the discount period is 90 days.