Mobilee Oil Company accepted a $10,000, 120-day note dated March 3 at 8½% to settle a past-due account receivable. Mobilee Oil discounted the note to raise cash on May 10, at a discounted rate of 9%. What proceeds did Mobilee Oil receive? Use ordinary interest.

The proceeds that Mobilee Oil Company receives is $10,149.65

Explanation:

Value upon maturity=principal amount+interest of 120 days

Value upon maturity=$10,000+(120/360*8.5%*$10000)

Value upon maturity=$10,000+$283.33

Value upon maturity=$10,283.33

the value is receivable in 120 days time

On May 1st , the note has earned 68 days interest(29 days in March,30 days in April plus 9 days in May)

Hence the interest days lost is 52days(120-68)

Discounted amount =$10,283.33-(52/360*9%*$10,283.33)

                                  =$10,283.33-$133.68

                                   =$10,149.65

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