Question
On May 7, Ralph Blue accepted a $5,000 note from Dick Shea. Terms of the note...
On May 7, Ralph Blue accepted a $5,000 note from Dick Shea. Terms of the note were 7% for 180 days. On Aug. 19, Ralph could no onger walt for the money and discounted the note at Tover Bank at a discount rate of 8 %. Calculate Ralph's proceeds. Use ordinary interest. (Round your answer to the nearest cent.) Ralph's proceeds
Answers
5000*7%=350+5000=5350
from may 7 to aug 19 = 104 days
180-104=76
interest @ 8% = 5000*8%*176/100=168.88 or 169
5000-169= 4831
Ralph discounted the bill for $4831 and suffered a loss of 169. In other words drawer had to pay the price in order to receive the cash before maturity.
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