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?
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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?
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Solved in 3 steps
- Can the 10,000 note be repaid on May 1? Explain.3. Assume the following information regarding a note received by LENDYOU Company: January 1, 2020 6 months Date of note Term of note Interest rate 12% Date of discounting Discount rate March 1, 2020 15% Accrued interest on note P15,000 How much is the carrying amount of the note receivable on March 1, 2020?What is the maturity value of a $8,500 note dated June 17, 2020, if it matures on November 15, 2020 at 7.75%. (Banker’s Rule)
- A 6%, 110-days note dated 31 August 2019 has a maturity value of RM4,073.33. On 12th October 2019, the note is discounted and the proceeds received are RM4,019.47. Find: The face value of the note The bank discount rate that is charged when the note is discounted.Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1, 2022, 2023 and 2024. What is the balance of note receivable on July 1, 2022?On june 30,2023, what amount should be reported as accrued interest receivable on the note receivable? A loan of $10,000 is taken out on November 7, 2020 at a simple interest rate of r = 9%. The loan will be paid back on May 11, 2021. If the bank uses ordinary interest (the Banker's Rule), how much interest is charged? a $450.00 b $456.16 c $443.84 d $462.50
- 2. Assume the following information regarding a note received by HEERHUM YU Company: P1,500,000 October 1, 2020 120 days December 1, 2020 Principal amount of note receivable Date of note Term of note Date of discounting Discount rate 12% Interest income for 120 days P50,000 Compute the interest rate charged to customer. How much is the principal amount of the note receivable?Answer the following questions regarding a four-month promissory note for $1,850 issued June 1, 2021, and bearing an interest rate of 5% p.a. a) What was the maturity date of the note? b) How much was the note worth at maturity? c) How much was the note traded for on Sep 1, 2021, if money was worth 6% p.a.?Problem: ABC Company issued a promissory note to RCBC Bank. Details from the promissory note are as follows: Date of note: November 1, 2020 Term of note: 180 days Principal: P120,000 Interest rate: 12% Determine the following: 1. What is the account to be credited on the adjusting entry on December 31, 2020? 2. How much is the amount to be credited on December 31, 2020? 3. How much is the total interest expense for the full term of the note.
- A 102-day note for $85 bears simple interest at 4.5% and is sold 22 days before maturity to a bank that uses a simple interest rate of 8%. What are the proceeds?On October 31 2022. BB Company discounted at the bank a customer's P600,000 interest-bearing note, 6 month, 12% note, dated July 1, 2020 with recourse. The bank discounted the note at 10%. How much is the gain or loss should the company recognize as a result of discounting the notes receivable?A promissory note has a face value of 22275.00 and it has a date of issue of November 15 this year. The maturity date is April 15th. The rate of simple interest is 5.75%. What is the maturity value of the note?
