Please provide this question solution general accounting ABC Bank accepts a promissory note for $10,000 from a customer onMarch 1, to be repaid in 6 months plus 8% interest. What is thematurity value of the note?a. $10,400b. $10,500c. $10,600d. $10,800

Step 1:First, calculate the interest amount: Interest = Face value of note * Rate of interest *…

Answered: ABC Bank accepts a promissory note for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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What is maturity value of the note ?
Mobile Co. issued a $43,384, 60-day, discounted note to Guarantee Bank. The discount rate is 11%. At maturity, assuming a 360-day year, the borrower will pay: Select the correct answer. A. $43,384 B. $44,179 C. $38,612 D. $42,589
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ABC Bank accepts a promissory note for $10,000 from a customer on March 1, to be repaid in 6 months plus 8% interest. What is the maturity value of the note? a. $10,400 b. $10,500 c. $10,600 d. $10,800