Mobile Co. issued a $47,563, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, assuming a 360-day year, the borrower will pay: Select the correct answer. $47,563 $47,087 $44,709 $48,039

Mobile Co. issued a $47,563, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, assuming a 360-day year, the borrower will pay: Select the correct answer. $47,563 $47,087 $44,709 $48,039

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

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Mobile Co. issued a $47,563, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, assuming a 360-day year, the borrower will pay:

Select the correct answer.

$47,563

$47,087

$44,709

$48,039

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