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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 184
Solve the following application problems. Round interest and discount to the nearest cent.
AUTOMOBILE DEALERSHIP Benson Automotive signed a 180-day simple discount note with a face value of $250,000 and a rate of 9% on March 19. The lender sells the note at an 8% discount rate on June 14. Find (a) the proceeds of the original note to the dealership, (b) the discount period, (c) the discount, and (d) the proceeds at the sale of the note on June 14.
AUTOMOBILE DEALERSHIP Benson Automotive signed a 180-day simple discount note with a face value of $250,000 and a rate of 9% on March 19. The lender sells the note at an 8% discount rate on June 14. Find (a) the proceeds of the original note to the dealership, (b) the discount period, (c) the discount, and (d) the proceeds at the sale of the note on June 14.
Explanation
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The following table is given, 
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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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