On July 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie discounted the note at Lend Bank at 7%. What proceeds did Gracie receive? (Use Days in a year table) (Round your answer to the nearest cent. )

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05-12-2022
Mathematics

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On July 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie discounted the note at Lend Bank at 7%. What proceeds did Gracie receive? (Use Days in a year table) (Round your answer to the nearest cent. )

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contexto38 contexto38 · Answer 1 · 2022-12-07T08:56:34-05:00

Therefore, Gracie will earn $61600 if she waits until December 21. However, she will earn bank discount $61132.87 on November 12.

A bank discount is interest that the bank deducts beforehand in the basic discount note. The maturity value less the bank discount equals the amount owed. The total of the principle and interest due at the conclusion of the time period is the maturity value.

Date of note = 14th July

Face value = $60000

Length of note = 160 days,

Interest rate = 6%

Calculating the interest and maturity value:

Interest = Principal × interest × time

= 60000 × 0.06 × 160/360

= 1600

So the maturity value MV = Face value + interest

= 60000 + 1600

= 61600

2. Calculating discount period:

Note discounted on 12th November

Time till 12th November = 315 days

Time till 14th July = 194 days

So days before note is discount = 315 - 194= 121 days

Length of note = 160 days,

So the discount period = 160 - 121 = 39 days

3 - Bank discount:

Bank discount = MV × Bank discount rate × number of days bank waits till due date

= 61600 × 0.07 × 39/360

= 467.133

4 - Proceeds from bank: Proceeds = MV - Bank discount

= 61600 - 467.133

= 61132.87

To learn more about bank discount

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