Use the ordinary interest method, 360 days, to solve the fol problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory r bank. The discount rate was 13%, and the note was made o (not in a leap-year) for 119 days. (a) What proceeds (in $) will Roni receive on the note? (b) What is the maturity date of the note? June 10

Use the ordinary interest method, 360 days, to solve the fol problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory r bank. The discount rate was 13%, and the note was made o (not in a leap-year) for 119 days. (a) What proceeds (in $) will Roni receive on the note? (b) What is the maturity date of the note? June 10

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory note at a certain bank. The discount rate was 16%, and the note was made on February 18 (not in a leap-year) for 113 days. What proceeds (in $) will Roni receive on the note?$ What is the maturity date of the note?
Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory note at a certain bank. The discount rate was 16%, and the note was made on February 18 (not in a leap-year) for 113 days.What proceeds (in $) will Roni receive on the note?$ What is the maturity date of the note? month and day
Use the ordinary interest method, 360 days, to solve the following word problems. Round to the nearest cent when necessary. Roni Lockard signed a $22,500 simple discount promissory note at the Pacific National Bank. The discount rate was 11%, and the note was made on February 17 (not in a leap-year) for 107 days. What proceeds will Roni receive on the note? What is the maturity date of the note?
Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory note at a certain bank. The discount rate was 13%, and the note was made on February 18 (not in a leap-year) for 116 days. (a) What proceeds (in $) will Roni receive on the note? $ (b) What is the maturity date of the note?
On October 31, Sarah Willis borrowed $5,600 from the Vestal Central Bank. She gave the bank her 90-day note for that amount. The note was dated october 31, and the exact interest rate was 12%. a-Find the date of maturity for the note. b-How much did Sarah pay to the bank on the maturity date?
Alana Olsen borrowed $5,000 for 90 days from First Bank. The bankdiscounted the note at 7 percent.a. What proceeds did Olsen receive?b. What is the effective rate to the nearest basis point?
Janice Dart signed a 140-day simple discount note at a rate of 9.9% with a maturity value of $82,000. The bank she borrowed the funds from sold the note 40 days later at a 10% discount rate. Find (a) the discount on the original note, (b) the proceeds of the original note, (c) the discount period, (d) the discount at the time of sale, and (e) the proceeds to the bank at the time of sale.
Find the bank discount and proceeds for these notes. Assume that the notes were discounted on June 10 at a 15% discount rate. Use the 360-day method. Face Value $5,200 Time 90 days Date May 10th Rate 15%. I don't know to get the bank discount? Please help.
On July 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie discounted the note at Lend Bank at a 7% rate. (a) What are Gracie’s proceeds, and (b) How much does Mike Lang pay and to who?
7. On April 1, Michael Reeves deposited a refund check for $240.85 in a savings account at Northern Savings and Loan Association. At the end of December the interest was computed at an annual rate of 6,%. How much simple interest did Michael's money earn? On April 1 you opened a savings account at Main Street Savings Bank with a Simple interest did your money earn? what waS VOur ew balange?
On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was 6%, and the note was paid on November 30. (Assume a 360-day year is used for interest calculations.) a. Journalize the entries for October 1 and November 30. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Oct. 1 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 30 - Select - - Select - - Select - - Select - b. Assume that Ramos Co. signed a 6% interest-bearing note. Journalize the entries for October 1 and November 30 assuming the note was not discounted. If an amount box does not require an entry, leave it blank. Oct. 1 - Select - - Select - - Select - - Select - Nov. 30 - Select - - Select - - Select - - Select - - Select - - Select -
Amy Lee held a $3,200 105-day note dated July 7, bearing interest at 9.6%. On August 11, Amy took the note to a finance company which discounted it at 11.3%. Use a 365-day year to find the missing information on the loan. Interest Amount: __________ Maturity Value: __________ Maturity Date: __________ Days of Discount: __________ Discount Amount: __________ Proceeds: __________