Ron Prentice bought goods from Shelly Katz. On May 20, Shelly gave Ron a time ex

Question

Ron Prentice bought goods from Shelly Katz. On May 20, Shelly gave Ron a time extension on his bill by accepting a $3,500, 7.80%, 180-day note. On August 26, Shelly discounted the note at Roseville Bank at 8.80%. (Use table value.)

What proceeds does Shelly Katz receive? (Use 360 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places. Omit the "$" sign in your response.)

Ron Prentice bought goods from Shelly Katz. On May 20, Shelly gave Ron a time extension on his bill by accepting a $3,500, 7.80%, 180-day note. On August 26, Shelly discounted the note at Roseville Bank at 8.80%. (Use table value.)

Explanation / Answer

Step 1: Calculate the discount period.

238 August 26

180

238 August 26

180

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