1. Schell Publishing received a $70,000 promissory note at 12%ordinary interest for 60 days from one of its customers. After 20days, Schell discounted the note at the bank at a discount rate of14.5%. The note was made on March 21.
a. (What is the maturity date on the note?
b. What is the maturity value of the note?
c. What is the discount date of the note?
d. How many days is the discount period for?
e. What is the bank discount that the bank will receive?
f. What proceeds will Schell receive after discounting thenote?
