Value of the note

A 10-month promissory note issued on March 21, 2021, bearing interest of 7.2% p.a., has a maturity value of $4128.02. Find the face value of the note.

Correct answer:

a =  3894.36 USD

Step-by-step explanation:

b=4128.02 USD q=7.2%=1007.2=0.072 t=10/12=650.8333  r=1+q t=1+0.072 0.8333=5053=1.06   b = a   r  a=b/r=4128.02/1.06=3894.36 USD

Did you find an error or inaccuracy? Feel free to write us. Thank you!

Tips for related online calculators
Our percentage calculator will help you quickly calculate various typical tasks with percentages.
Do you want to convert time units like minutes to seconds?

You need to know the following knowledge to solve this word math problem:

Units of physical quantities:

Themes, topics:

Grade of the word problem:

Related math problems and questions: