Actuarial Science 2053 Lecture Notes - Lecture 4: Leap Year, Promissory Note, Interest
20 Jan 2016
School
Department
Course
Professor
Document Summary
A woman is considering buying a nancial product that guarantees her ,000 on march 1, 2016. Solution since a date is given, we must use days. If you wanna know if a year is a leap year, divide the year by 4. If there"s no remainder, it"s a leap year. Bank loans: the lender does not have to be a financial, a note can be sold to a third party before the due date; the 3rd party becomes the payee of the note institution. Note must have the following things to be legally binding. In the note above, the due date is 120 days after october 17, 2014, which is february. 14, 2015: in canada, 3 days of grace are added to the, in the note above, this would be 123 days due date to arrive at the legal due date or maturity date later, february 17, 2015. He can pay back the note on feb 14/15 and be charged.
