Kindly help me with accounting questions 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: Definition of Maturity ValueMaturity value refers to the total amount that must be repaid at…

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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Similar questions

Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
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What is the maturity value of the note on these accounting question?
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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
Rakesh
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1.What is the effective interest rate of a simple discount note for $4,500 at a bank discount rate of 14% for 24 months? (Round to the nearest tenth percent.) A. 14.0% B. 19.4% C. 28.0% D. 38.9% 2.Use the ordinary interest method to find the rate of interest that Make Over Picture Photo pays on a loan of $8,000 for 265 days, if the amount of interest is $510.00. (Round your answer to the nearest tenth percent.) A. 7.5% B. 8.4% C. 8.5% D. 8.7%

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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