Answered: Assuming a 360-day year, the interest…

Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $91,392 is a.$3,199 b.$91,392 c.$6,397 d.$1,599

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 20CE: Notes Payable Rogers Machinery Company borrowed $330,000 on February 1, with a 6-month, 10%,...

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Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $91,392 is

a.$3,199

b.$91,392

c.$6,397

d.$1,599

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