Mobile Co. issued a $58,116, 60-day, discounted note to Guarantee Bank. The discount rate is 7%. At maturity, assuming a 360-day year, the borrower will pay: Select the correct answer. $54,048 $58,116 $57,438 $58,794

Mobile Co. issued a $58,116, 60-day, discounted note to Guarantee Bank. The discount rate is 7%. At maturity, assuming a 360-day year, the borrower will pay: Select the correct answer. $54,048 $58,116 $57,438 $58,794

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 $58,116, 60-day, discounted note to Guarantee Bank. The discount rate is 7%. At maturity, assuming a 360-day year, the borrower will pay:

Select the correct answer.

$54,048

$58,116

$57,438

$58,794

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