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Rex Corporation accepted a $12,000, 7%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 8%. (Use Days in a year table.)
a. What is the note’s maturity value? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
Maturity value $
b. What is the discount period?
Discount period days
c. What is the bank discount? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
Bank discount $
d. What proceeds does Rex receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
Proceeds received $
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