On March 1, 2020 Giant Jumbo Clown Costumes borrowed money from Second Friendly National Bank by issuing a $125,000, 180-day, non-interest bearing note. The note was discounted on a 13.5% basis. Assume 360 days in a year.   Required:   Compute the following: 1. How much money did Giant Jumbo receive? 2. What was the total amount of interest paid? 3. What is the effective 180-day interest rate on this note payable? 4. What is the approximate annual effective interest rate on this note payable? 5. Record the journal entry(ies)for the issuance of the note.

Paul and Sandy Moede signed an $7,500 note at Citizen’s Bank. Citizen’s charges a 5.4% discount rate. Assume the loan is for 270 days.a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds     b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective Rate

On February 1, 2021, Miter Corp. lends cash and accepts a $1,000 note receivable that offers 12% interest and is due in six months. How much interest revenue will Miter Corp. report during 2021? Multiple Choice O O O O $120. $240. $100. $60.

Springer Products wishes to borrow ​$90,000 from a local bank using its accounts receivable to secure the loan. The​ bank's policy is to accept as collateral any accounts that are normally paid within 30 days of the end of the credit​ period, as long as the average age of the account is not greater than the​ customer's average payment period. ​ Springer's accounts​ receivable, their average​ ages, and the average payment period for each customer are shown in the following​ table: Customer Accounts Receivable Average age of account     Average payment period of customer A ​$11,000   42 days   50 days   B ​$25,000   70 days   65 days   C ​$10,000   48 days   45 days   D ​$28,000   55 days   50 days   E ​$14,000   50 days   60 days   F ​$19,000   21 days   35 days   G ​$30,000   10 days   30 days   H ​$16,000   25 days   40 days…

Rex Corporation accepted a $4,000, 6%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex discounted the note at Park Bank at 7%. (Use Days in a year table.) a. What is the note's maturity value? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Maturity value b. What is the discount period? Discount period c. What is the bank discount? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Bank discount days d. What proceeds does Rex receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent. Proceeds received

Shawn Bixby borrowed $20,000 on a 210-day, 14% note. After 85 days, Shawn paid $2,300 on the note. On day 130, Shawn paid an additional $4,300. Use ordinary interest. a. Determine the total interest use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Total interest b. Determine the ending balance due use the U.S. Rule. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Ending balance due

Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to use for the 60-day period is RO19600 what is the actual interest rate on this note? a. 12.24% b. 12.00% c. 10.00% d. 12.45%

On December 1, 2022, Old Car Co. borrowed money at the bank by signing a 90-day non-interest-bearing note for $30,000 that was discounted at 10%. Which of the following entries is correct?

III. On April 7, 2020, Wilhelm, Inc. sold goods for $50,000 and accepted a 10%, 60-day note. On April 22, 2020, the company sold the note to a bank at a 13% discount rate.   Required: Compute the amount of cash received from the sale (discounting).

. On April 30, 2022, Lenny Inc. borrowed $10 million cash from Colonial Bank and issued a 5-month, noninterest-bearing note, priced to yield an effective interest rate of 10%. The stated discount rate on this loan is:   A. More than the effective interest rate. B. Less than the effective interest rate. C. Equal to the effective interest rate. D. Unrelated to the effective interest rate