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On 10 January 2022, Zafran received a promissory note from Orchid with 9% simple interest....

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Accounting

On 10 January 2022, Zafran received a promissory note from Orchid with 9% simple interest. The note matured on 11 June 2022 with maturity value of RM7,266. After keeping the note for 52 days, Zafran then discounted the note at a bank and received RM7,130.77. i) Determine the maker of the note. ii) Calculate the face value of the note. iii) Find the discount date. iv) Calculate the discount rate. v) Find the simple interest rate that is equivalent to the discount rate in (iv).

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