Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary interest method, 360 days, when applicable. (Round your answers to the nearest cent.) Face Value Discount Rate (%) Term Bank Discount Proceeds $55,000 9.35 11 months $
Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary interest method, 360 days, when applicable. (Round your answers to the nearest cent.) Face Value Discount Rate (%) Term Bank Discount Proceeds $55,000 9.35 11 months $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary interest method, 360 days, when applicable. (Round your answers to
the nearest cent.)
Face Value
Discount Rate (%)
Term
Bank Discount
Proceeds
$55,000
9.35
11 months
2$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F183f59f7-a25f-49a3-823f-3b3524f6143e%2Fdfe54893-308b-471d-b8f7-190bf1b874f0%2Fbwytp4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Calculate the bank discount and proceeds (in $) for the simple discount note. Use the ordinary interest method, 360 days, when applicable. (Round your answers to
the nearest cent.)
Face Value
Discount Rate (%)
Term
Bank Discount
Proceeds
$55,000
9.35
11 months
2$
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