What is the value of the expression -9 x 2.2?
1 answer:
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Maturity value is given by
where: P is the initial value of the promissory note, r is the simple interest rate, and t is the time period (in years).
Given that <span>Webster Digital received a promissory note of $8,000 for 9 months at 7% simple interest from one of its customers.
P = &8,000; t = 9 months = 9 / 12 = 0.75 years; r = 7% = 0.07
The proceed from a discounted promisory note is given by
where: FV is the maturity value of the promissory note, d is the discount rate and t is the number of years remaining from the time the note was discounted to the maturity date.
Given that </span>a<span>fter 4 months, the note was discounted at Bank of Aventura at a discount rate of 10%.
t = 9 months - 4 months = 5 months = 5 / 12 years; d = 10% = 0.1; FV = $8,420
Therefore, the proceed is $8,069.17
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where: P is the initial value of the promissory note, r is the simple interest rate, and t is the time period (in years).
Given that <span>Webster Digital received a promissory note of $8,000 for 9 months at 7% simple interest from one of its customers.
P = &8,000; t = 9 months = 9 / 12 = 0.75 years; r = 7% = 0.07
The proceed from a discounted promisory note is given by
where: FV is the maturity value of the promissory note, d is the discount rate and t is the number of years remaining from the time the note was discounted to the maturity date.
Given that </span>a<span>fter 4 months, the note was discounted at Bank of Aventura at a discount rate of 10%.
t = 9 months - 4 months = 5 months = 5 / 12 years; d = 10% = 0.1; FV = $8,420
Therefore, the proceed is $8,069.17
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