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promissory note problems?
please help me solve these problems...... i have no idea how to solve this. our teacher hasn't taught us yet. and we don't have any textbooks. please help me!
1. michael, a businessman wants P6000 for 90 days . What is the size of a loan which he should apply for if his bank charges a discount rate of 6 1/4% ?
2. A financial obligation of P4000 is due in 5 months. What is the value of this obligation at a discount rate of 5 3/4%?
3. Raul a broker receives a note for P5500, which is due in 90 days with interest of at 61/2% the note is discounted immediately at Republic Bank which charges 7% discount rate. What are the proceeds?
please somebody help me!
uh p means pesos....... our currency here in the Philippines....
2 Answers
- sweetsum691Lv 51 decade agoFavorite Answer
I would love to help you but I'm not familiar with P6000... is this a form of currency?
- TicToc....Lv 71 decade ago
WWW.investopedia.com/articles/bonds/07/promissory_note.asp
Tricky tricky, I hope that this link helps; This teacher is asking you a question that is dubious but probably wants some simple math attached to the answer.
GL with it...Is this teacher NUTS ?
