On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $46,800. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%.fill in the blank 1 of 2$ b. Determine the proceeds of the note, assuming the note is discounted at 10%.fill in the blank 2 of 2$
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $46,800. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%.fill in the blank 1 of 2$ b. Determine the proceeds of the note, assuming the note is discounted at 10%.fill in the blank 2 of 2$
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 1CE
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On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $46,800. Assume 360 days in a year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%.
fill in the blank 1 of 2$
b. Determine the proceeds of the note, assuming the note is discounted at 10%.
fill in the blank 2 of 2$
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