The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Term of Note (days) Maturity Date Maturity Value (in $) Face Interest Date of Note Value Rate (%) $1,210 7.7 Sept. 19 130 January vv 27 $ 1243.64 Date of Discount Discount Period (days) Discount Proceeds Rate (%) (in $) Dec. 12 11.6 $ 1175.94
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Term of Note (days) Maturity Date Maturity Value (in $) Face Interest Date of Note Value Rate (%) $1,210 7.7 Sept. 19 130 January vv 27 $ 1243.64 Date of Discount Discount Period (days) Discount Proceeds Rate (%) (in $) Dec. 12 11.6 $ 1175.94
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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