I have tried this like 6 times: please show how problem is solved.Jill Corporation accepted a $16,000 note on Aug. 12. Terms of the note were 13% for 100 days. Jill discounted the note on September 28 at the Reno Bank at 14%. The proceeds to Jill would be:

Question

I have tried this like 6 times:  please show how problem is solved.Jill Corporation accepted a $16,000 note on Aug. 12. Terms of the note were 13% for 100 days. Jill discounted the note on September 28 at the Reno Bank at 14%. The proceeds to Jill would be:

nottim · Answer

Man, you are going to have to define some things.

anonymous · Answer

is a note money? 13% for 100 days- an increase in what she got or...? discounted? yeah I am really sorry but I'm not sure what you are asking

anonymous · Answer

ok watched a video and here is what I think this answer is:
Date of Note	Face Value	Length		Interest	Bank Discount		Date of 
		of note		of note		rate		       rate		discount
Aug 12.  	$16,000	100 days	.13		      .14		            Sept 28

Interest = $16,000 * .13 * 100/360 = $577.78 
16000-577.78 = 15422.22
Aug 12 + 100 days = Nov 20
Sept 28 to Nov 20 is 53 days
16000 * .14 * 53/360 = 2239.85
16000 – 2239.85 = 13760.15 (proceeds)