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hi welcome back today im going to discuss uh example on promissory note and also when the promissory note is being discounted okay lets look at the question on 15 march 2017 mary received a 100-day promissory note with simple interest rate of 10 per annum on 11 may she discounted the note at a discount rate of 9 and receive proceed of 2897 ringgit 70 cent so find the maturity date discount period maturity value bank discount amount and the face value of the note so to answer the question it is very useful for you to draw a timeline so that you can see all as a guidelines so this is the starting date of the note and then 100 days so we we apply the concept of simple interest using bankers rule so what does the bankers rule state sobenkas rule state that using exact time the actual number of days in a month and also using the ordinary simple interest in calculating the interest ordinary simple interest all right so lets count the number of days from fifth 15th of march so much 31 d
