On March 25, Helen Norton received from a customer a $3,200 promissory note at 12% ordinary interest for 60 days. On April 14, Helen discounted the note at the Glenside Bank at a discount rate of 15%.
A)What was the maturity date of the note?
B)What was the maturity value of the note?
C)Determine the discount period.
D)What proceeds did Helen receive on April 14?

Question

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The Answer of On March 25, Helen Norton received from a customer a $3,200 promissory note at 12% ordinary interest for 60 days. On April 14, Helen discounted the note at the Glenside Bank at a discount rate of 15%.
A)What was the maturity date of the note?
B)What was the maturity value of the note?
C)Determine the discount period.
D)What proceeds did Helen receive on April 14?

On March 25, Helen Norton Received from a Customer a $3,200