FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Present Value
Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. …
Question

Fill in the missing information

1. Find the missing information

2. Monetary Value: Round up the monetary value to the next whole value

Use 360 days = 1 year in computing for interest

Face value of note  10,000.00
Date of the note 07/14
Interest rate 18%
Term of note (?) days
Maturity Date ?
Interest on note 375.00
Maturity Value  ?

Thank you for helping me :D

Expert Solution
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Step 1

A note is a short term financial instrument that pays a fixed coupon interest.

Interest is usually paid at the maturity date along with repayment of the principal.

In our case, the Face value of the note is 10,000 and the rate of interest is 18%.

The amount of Interest given is 375

To calculate the term on the note, we can use the Interest calculation formula.

Interest = (Principal x Rate of Interest x Number of days of the note) /total number of days

375 = (10,000 x 18% x Number of days)/ 360

Therefore, Number of days = 75

That is, term of the note is 75 days.

 

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