# math

Varsity Press, a publisher of college textbooks, received a \$70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader’s Choice Bookstores. After 20 days, Varsity Press discounted the note at the Grove Isle Bank at a discount rate of 14.5%. The note was made on March 21. What was the maturity date of the note?

1. 👍 0
2. 👎 0
3. 👁 108
1. 14. Varsity Press, a publisher of college textbooks, received a \$70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader’s Choice Bookstores. After 20 days, Varsity Press discounted the note at the Grove Isle Bank at a discount rate of 14.5%. The note was made on March 21. What was the maturity date of the note? (Points : 2)

15. Using the scenario from the previous question, calculate the maturity value of the note. (Points : 2)

16. What was the discount date of the note from the previous question? (Points : 2)

1. 👍 0
2. 👎 0
posted by Tina
2. may 20th

1. 👍 0
2. 👎 0
posted by jessica

## Similar Questions

1. ### Business Math

Varsity Press, a publisher of college textbooks, received a \$70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader’s Choice Bookstores. After 20 days, Varsity Press discounted the note at

asked by Tee on June 19, 2013
2. ### choice

Varsity Press, a publisher of college textbooks, received a \$70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader’s Choice Bookstores. After 20 days, Varsity Press discounted the note at

asked by d on September 16, 2013
3. ### math

Varsity Press, a publisher of college textbooks, received a \$70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader’s Choice Bookstores. After 20 days, Varsity Press discounted the note at

asked by keionna on June 17, 2013
4. ### math

Varsity Press, a publisher of college textbooks, received a \$70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader’s Choice Bookstores. After 20 days, Varsity Press discounted the note at

asked by keionna on June 15, 2013
5. ### math

Varsity Press, a publisher of college textbooks, received a \$70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader’s Choice Bookstores. After 20 days, Varsity Press discounted the note at

asked by Anonymous on December 21, 2013
6. ### contemporary math

Varsity Press, a publisher of college textbooks, received a \$70,000 promissory note at 12% ordinary interest for 60 days from one of its customers, Reader’s Choice Bookstores. After 20 days, Varsity Press discounted the note at

asked by Trish on June 21, 2013
7. ### finance math

Schell Publishing received a \$70,000 promissory note at 12% ordinary interest for 60 days from one of its customers. After 20 days, Schell discounted the note at the bank at a discount rate of 14.5%. The note was made on March 21.

asked by Lynda on December 2, 2013
8. ### 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
9. ### Math

Find (a) the exact interest and (b) the ordinary interest. Round answers to the nearest cent Find the discount (ordinary interest) and proceeds on a promissory note for \$2,000 made by Barbara Jones on February 10, 2007, and

asked by Kgk on July 5, 2014
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

asked by Anoymous on May 20, 2015

More Similar Questions