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Tu question housewaret must be completed sequence. If you art of the question, you receive...

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Tu question housewaret must be completed sequence. If you art of the question, you receive any points for the spoed part, and you wot be able to come back to the kinod part Tutorial Exercise You on a simple discount promissory note for $4,000 at a discount rate of 85, for 24 months. We are the proceeds? Diap 1 Recall that the proceeds represent the amount of money a borrower receives at the time a discounted note is made. That is the proceeds we found by subtracting the discount from the face value, or full amount of the promissory. The promissory note is $4,000, so we have the face value and freed to find the bank discount. The bank discount is calculated as follows where the discount rate is given as a dormal. The time will be a fraction whose numerator is the given amount of time in months and denominator is 12 months bank discount force Value x diacount rate time The rate was given the As a decimal we have Calculate the bank discount in for the $4,000 promissory note at a discount of for 24 months mount of time in months bank discount face value x discount rate 12 months 24 - 54,000 5

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