Bank Discount & Promissory Notes

Select ALL the formulas used in the topic of Bank discounts.

S=Maturity value, H=Proceeds,  d=discount rate, t=discount terms D=Discount Amount

Tags

CCSS.7.RP.A.3

Zafri decides to borrow RM25,000 from a bank that charges 4.7% discount rate for 3 years 4 months to set up his business. Find t (in years).

• t = 3.4

• t = 3

• t = 1

Tags

CCSS.7.RP.A.3

Zafri decides to borrow RM25,000 from a bank that charges 4.7% discount rate for 3 years 4 months to set up his business. Find S (maturity value).

• RM 25,000

• RM 21,475

• RM 21,005

• RM 21,083.33

Tags

CCSS.7.RP.A.3

Zafri decides to borrow RM25,000 from a bank that charges 4.7% discount rate for 3 years 4 months to set up his business. The amount received is RM21083.33.

Find the proceeds.

• RM 25,000

• RM 21,475

• RM 21,005

• RM 21,083.33

Tags

CCSS.7.RP.A.3

Fuad received a 120 days promissory note with a face value of RM6000 at an interest rate of 12%. He then sold the note to a bank after hold for 100 days. Find discount period.

• 120 days

• 100 days

• 220 days

• 20 days

Tags

CCSS.7.RP.A.3

A 90-day promissory notes dated 15 March 2022 with a maturity value of RM 1545 was charged a simple interest rate of 12% per annum. Find the maturity date of the note.

• 15 June 2022

• 12 June 2022

• 13 June 2022

• 14 June 2022

Tags

CCSS.7.RP.A.3

Happy received a 60-days promissory note. If the maturity date of the note was 19^th June 2020. Find the date of the promissory note.

• 19 April 2020

• 20 April 2020

• 18 August 2020

• 19 August 2020

Kamal received a 60-days promissory note with a simple interest rate of 8% and a maturity value of RM 4560. The maturity date of the note was 15^th September 2020. Find the date of the note.

• 15 Nov 2020

• 14 July 2020

• 16 July 2020

• 17 July 2020

• 18 July 2020

Tags

CCSS.7.RP.A.3

Select ALL the formula for the Promissory Notes.

P=Principal, i=interest rate per annum,

t= investment period in years

Tags

CCSS.7.RP.A.3

A 60-day promissory note dated 27 Nov 2020 had a face value of RM 2000. The simple interest rate charged was 6.6% per annum. Determine the maturity date of the note.

• 26 Jan 2020

• 24 Jan 2021

• 25 Jan 2021

• 26 Jan 2021

Tags

CCSS.7.RP.A.3