Hannah G.

asked • 10/31/20

Promissory note question

Raindrop Inc owes a past due bill to Jax Corp. On August 8, Jax agrees to accept a $5000, 8%, 120-day note as payment from Raindrop. On October 11, Jax discounts the note at Park Bank at 9%. Find the: (a) Maturity Value, (b) discount period, (c) bank discount, and (d) Jax’s proceeds.

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