Pinnacle Manufacturing received a $40,000 promissory note at 12% simple interest for 95 d
Pinnacle Manufacturing received a $40,000 promissory note at 12% simple interest for 95 days from one of its customers. On day 70, Pinnacle discounted the note at the Berryville Bank at a discount rate of 15%. The note was made on September 12.: a. What was the maturity date of the note?_________ b. What was the maturity value of the note? $______________ c. What was the discount date of the note?____________ d. What proceeds did Pinnacle receive after discounting the note? $____________
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