On October 1, Spencer Worthington loaned $2,000 to an old friend from the army. The note securing the loan was non-interest-bearing and was for only 30 days. On October 10, Spencer sold the note to a local finance company which discounted it at 12%. Use a 365-day year to find the missing information on the loan.

Question

On October 1, Spencer Worthington loaned $2,000 to an old friend from the army. The note securing the loan was non-interest-bearing and was for only 30 days. On October 10, Spencer sold the note to a local finance company which discounted it at 12%. Use a 365-day year to find the missing information on the loan.
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Quizplus · Accepted Answer

The Answer of On October 1, Spencer Worthington loaned $2,000 to an old friend from the army. The note securing the loan was non-interest-bearing and was for only 30 days. On October 10, Spencer sold the note to a local finance company which discounted it at 12%. Use a 365-day year to find the missing information on the loan.
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On October 1, Spencer Worthington Loaned $2,000 to an Old