Author Question: The date of a note is February 2, and interest is due on August 1. How many days is it from the ... (Read 97 times)

pane00 · **on:** Jun 24, 2018

The date of a note is February 2, and interest is due on August 1. How many days is it from the initial date of the note to the day the interest is due? Assume a nonleap year.
A) 200 days
B) 180 days
C) 160 days
D) 140 days

Question 2

The face value of a note is 7,000 with an interest rate of 11. The time is based on 90 days in a 360-day year, and the loan was taken out on February 11 in a nonleap year. The note has been discounted 14 on March 10. What are the proceeds?
A) 1,285.42
B) 1,293.53
C) 7,016.28
D) 7,360.33