a)Maturity date =Issue date +number of days
=March 25 + 60 days
= 24 may
b)Interest accrued on note =Face value *Rate*n/365
= 3200 *.12 *60/365
= $ 63.12
Maturity value =Face value +interest accrued
= 3200+64
= 3263.12
c)Discount period = Maturity date -Discount date
= 24 May - April 14
= 40 days
d)Discount rate per day = 15/365 =.041096%
proceeds received = maturity value /(1+i)^n
= 3263.12/(1+.00041096)^40
=3263.12/(1.00041096)^40
= 3263.12 / 1.0165
= 3210.15
e)Effective interest rate =[1+APR/n]^n -1
=[1+ .15/365]^365 -1
=[1+.00041096]^365 -1
= [1.00041096]^365 - 1
= 1.1618 - 1
= .1618 or 16.18%
