Hafers, an electrical supply company, sold $4,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4.5% interest. The due date was August 10. Short of funds, Hafers contacted Charter One Bank on July 20; the bank agreed to take over the note at a 6.2% discount. (Use Days in a year table.) What proceeds will Hafers receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)

The Net value of the Note is $4836.44

Explanation:

Days between May 12 to May 31st = 19

Days in June=30

Days in July = 31

Days in August = 10

Total Days=19+30+31+10=90

Loan Interest

4800 * 90/360 * 4.5/100

= $54

Total Amount due = Face Value+Loan Interest

                               =$4800+54

                               =$4854

Now the days left in maturity are given as

Days between July 20 and August 10 =21 days

Total Number of Days in the year is 360

Rate of Discount is 6.2% so

4854 * 21/360 * 6.2/100

Discount by bank is $17.56

So the net value of the note is given as

Net Value=Amount Due-Discount

                =$4854-$17.56

                =$4836.44

So the Net value of the Note is $4836.44

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.