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The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinar interest method, 360 days, to calculate the missing Information. (Round dollars to the nearest cent.) Face Interest Date of Value Rate (%) Note $1,210 7.1 Sept. 17 Date of Discount Dec. 10 Term of Note (days) 130 Discount Period (days) Maturity Date -Select- Discount Rate (%) 11.9 $1 Maturity Value (in $) Proceeds (in $)

The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinar interest method, 360 days, to calculate the missing Information. (Round dollars to the nearest cent.) Face Interest Date of Value Rate (%) Note $1,210 7.1 Sept. 17 Date of Discount Dec. 10 Term of Note (days) 130 Discount Period (days) Maturity Date -Select- Discount Rate (%) 11.9 $1 Maturity Value (in $) Proceeds (in $)

FINANCIAL ACCOUNTING
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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The following Interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Interest Date of Value Rate (%) Note $1,210 7.1 Sept. 17 Date of Discount Dec. 10 Term of Note (days) 130 Discount Period (days) Maturity Date -Select- Discount Rate (%) 11.9 Maturity Value (in $) Proceeds (in $)
Transcribed Image Text:The following Interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Interest Date of Value Rate (%) Note $1,210 7.1 Sept. 17 Date of Discount Dec. 10 Term of Note (days) 130 Discount Period (days) Maturity Date -Select- Discount Rate (%) 11.9 Maturity Value (in $) Proceeds (in $)
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