. Agnes Abanilla was granted a loan of $20,000 by her employer CPM Industrial Fabricator and Construction Corporation with an interest of 6% for 180 days on the principal collected in advance. The corporation would accept a promissory note for $20,000 non-interest for 180 days. If discounted at once, find the proceeds of the note.
. Agnes Abanilla was granted a loan of $20,000 by her employer CPM Industrial Fabricator and Construction Corporation with an interest of 6% for 180 days on the principal collected in advance. The corporation would accept a promissory note for $20,000 non-interest for 180 days. If discounted at once, find the proceeds of the note.
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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7. Agnes Abanilla was granted a loan of $20,000 by her employer CPM Industrial Fabricator and
Construction Corporation with an interest of 6% for 180 days on the principal collected in
advance. The corporation would accept a promissory note for $20,000 non-interest for 180
days. If discounted at once, find the proceeds of the note.
8. On May 12, Scott Rinse accepted an $8,000, 12%, 90-day note for a time extension of a bill for goods
bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 10%. What proceeds does
Scott receive?
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