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Find the maturity date of the note

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Question 1) Grace had a 10% interest-bearing note dated 3 March 2019. The term of the note was 100 days. On April 29, 2019, she discounted the note at 9%. If the proceeds received amounted to RM2766.98, find

a) the maturity date of the note,
b) the maturity value of the note,
c) bank discount value in ringgit,
d) the face value of the note,
e) the simple interest rate that is equivalent to the bank discount rate.

Question 2) The cash price of a video recorder is RM2,777. Through an installment plan, 10% down payment must be made and the balance to be settled by 15 monthly payments. If the interest that is charged is 12% of the original balance, find the

a) total interest charge,
b) installment price
c) monthly payment.

Reference no: EM132659479

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