Mobile Co. issued a $43,384, 60-day, discounted note to Guarantee Bank. The discount rate is 11%. At maturity, assuming a 360-day year, the borrower will pay: Select the correct answer. A. $43,384 B. $44,179 C. $38,612 D. $42,589

Mobile Co. issued a $43,384, 60-day, discounted note to Guarantee Bank. The discount rate is 11%. At maturity, assuming a 360-day year, the borrower will pay: Select the correct answer. A. $43,384 B. $44,179 C. $38,612 D. $42,589

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 3P

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Question

Mobile Co. issued a $43,384, 60-day, discounted note to Guarantee Bank. The discount rate is 11%. At maturity, assuming a 360-day year, the borrower will pay:

Select the correct answer.

A. $43,384

B. $44,179

C. $38,612

D. $42,589

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