Roni Lockard signed a $26,500 simple discount promissory note at a certain bank. The discount rate was 14%, and the note was made on February 18 (not in a leap-year) for 113 days What proceeds (in $) will Roni receive on the note? What is the maturity date of the note?

Roni Lockard signed a $26,500 simple discount promissory note at a certain bank. The discount rate was 14%, and the note was made on February 18 (not in a leap-year) for 113 days What proceeds (in $) will Roni receive on the note? What is the maturity date of the note?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Roni Lockard signed a $26,500 simple discount promissory note at a certain bank. The discount rate was 14%, and the note was made on February 18 (not in a leap-year) for 113 days

What proceeds (in $) will Roni receive on the note?

What is the maturity date of the note?

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