A noninterest-bearing note is issued on February 12 of a non-leap year in the amount of $14,250. It has a term of 10 months. It is sold on September 22 with a negotiated interest rate of 2%. Determine the proceeds of the sale. Add 3 days grace period. Select one: a. $14184.71 b. $12193.87 c. none d. $13189.29 Check
A noninterest-bearing note is issued on February 12 of a non-leap year in the amount of $14,250. It has a term of 10 months. It is sold on September 22 with a negotiated interest rate of 2%. Determine the proceeds of the sale. Add 3 days grace period. Select one: a. $14184.71 b. $12193.87 c. none d. $13189.29 Check
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 2P
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![A noninterest-bearing note is issued on February 12 of a non-leap year in the amount of $14,250. It has
a term of 10 months. It is sold on September 22 with a negotiated interest rate of 2%.
Determine the proceeds of the sale. Add 3 days grace period.
Select one:
a. $14184.71
b. $12193.87
c. none
d. $13189.29
Check](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb5add1d1-10bb-4c46-b882-ee161a280c97%2Fe7df2bb0-2927-41c2-b317-9b7045eb9e99%2Fa5pr3z_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A noninterest-bearing note is issued on February 12 of a non-leap year in the amount of $14,250. It has
a term of 10 months. It is sold on September 22 with a negotiated interest rate of 2%.
Determine the proceeds of the sale. Add 3 days grace period.
Select one:
a. $14184.71
b. $12193.87
c. none
d. $13189.29
Check
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