A nine-year note for $3200 issued on October 1, 2015, with interest at 6.6% compounded annually is discounted on July 1, 2016, at 9.1% compounded semi-annually. What are the proceeds of the note? The proceeds of the note are $. (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

A nine-year note for $3200 issued on October 1, 2015, with interest at 6.6% compounded annually is discounted on July 1, 2016, at 9.1% compounded semi-annually. What are the proceeds of the note? The proceeds of the note are $. (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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

Label all final answers with the correct units, if applicable. Unless otherwise stated, use 4 decimal places for intermediate computations of interest rates (if needed) then round off final answers to two decimal places. For monetary amounts, use 2 decimal places even for intermediate computations. 2. On January 1, 2022, Marites deposited P15,000 in a bank that offered 2.5% annual interest compounded monthly, and a 20% tax on the interest is deducted every month. Determine the total balance of her account on April 1, 2022. 2
please dont proviide answer in image format thank you
Windsor, Inc. has a 30-day note that carries an annual interest rate of 9%. If the amount of the total interest on the note is equal to $1080, then what is the principal of the note?
Find the proceeds of the following promissory note. An eight-year promissory note dated November 1,2015, with a face value of $4000.00 bearing interest at 5.7% compounded quarterly, discounted two years later when money was worth 1.9% compounded semi-annually.
A 5-year promissory note for $3200 issued on September 15, 2018, with interest at 6.5% compounded annually, was sold on December 1, 2019, at 5% compounded semi-annually. What is the sale price (proceeds) of the note?
Godo
TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X1. If the monthly payment is $12,455, what is the note's carrying value after the first month's payment is made on January 31, 20X1? Select one: a. $600,000 b. $592,045 c. $593,540 d. $595,500 e. $587,545
A 50,000 payment was made on July 9, 2017 find the discounted value and accumulated value on the specified date corresponding to the given rates of interest or discount. Rate of Interest or Discount Date Discounted Value Date Accumulated Value Effective interest rate of 3.24% July 9, 2013 January 9, 2020 Effective discount rate of 4.96% July 9, 2015 April 9, 2018 simple interest rate of 4 2/5% per annum (exact, non-leap year) March 11, 2017 January 26, 2018 simple interest rate of 6 3/4% per annum (banker's rule) February 15, 2017 December 19, 2017 8.4% interest rate convertible quarterly May 9, 2015 June 9, 2018
1. CJ, Inc. issued a promissory note to AJ, Inc. in the amount of $400,000 on January 1, 2014, the due date is December 31, 2018. The note has a stated rate of 4%. Interest is due each year on December 31. The current yield rate of interest is 8%. a) What is the present value of the note. b) What entry would AJ, Inc. journalize for the issuance of the note? |
An $9,000 note dated 06/22/2020, matures on 12/22/2020 at 8.15%. (Banker’s Rule) In how many days is the note due? What interest is paid on the note?
A 12-year promissory note for $650000 issued on August 15, 2012, with interest at 3.5% compounded monthly, was sold on March 15, 2018, at 6% compounded semi-annually. What is the sale price (proceeds) of the note?
The interest charged on a $98000 note payable, at the rate of 6%, on a 4-month note would be $5880. $2940. $980. O $1960.