Please given solution accounting question Complete the following table for the simple discount notes using the ordinaryinterest method:Amount due at maturity: $22,000Discount rate: 6.2%Time: 180 days.Bank discount: ?

Step 1: Definition of Bank DiscountA bank discount is the interest amount deducted in advance by a…

Answered: Complete the following table for the…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 16P

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Complete the following table for the simple discount notes. Use the ordinary interest method. (Round your answers to the nearest cent.) Amount due at maturity Discount Rate Time Bank Discount Proceeds $ 6,000 3.5% 160 days
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Complete the following table for the simple discount notes. Use the ordinary interest method. Note: Round your answers to the nearest cent. Amount due at maturity 4,400 Discount rate 6.25% Time 170 days Bank discount Proceeds
Complete the following table for the simple discount notes. Use the ordinary interest method. Note: Round your answers to the nearest cent. Amount due at maturity discount rate time bank discount proceeds $4,100 6.25% 200 days
Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and effective rate (as a %) for the simple discount note. Round dollars to the nearest cent and round effective rate to the nearest hundredth of a percent. Face Discount Term Bank Effective Proceeds Value Rate (%) (days) Discount Rate (%) $6,805 10.19 74 $ $ %
Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent. face value(principal) $50000rate interest:11%length of note: 95 days maturity value: ?date of note: june 10date note discounted: July 18discount period:?bank discount:?proceeds:?
Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent. $ Face value (principal) 27,200 Rate of interest 9% Length of note 60 days Maturity value Date of note August 23 Date note discounted September 18 Discount period Bank discount Proceeds eck
You decide to discount a$5250, 345-day note at 3% to your bank at a discount rate of 4.5% on day 210. What are the proceeds?
Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent.face value(principal) $50000rate interest =11%maturity value=?date of note =june 10date note discounted= July 18discount period=?bank discount=?proceeds=? i need an explanation I am having a lot of trouble to solve this
Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan. Purchase(Cash)Price DownPayment AmountFinanced MonthlyPayment Number ofPayments FinanceCharge TotalDeferredPaymentPrice $2,500 0 $ $186.69 18 $ $
What you're solving for Solving for maturity value, discount period, bank discount, and proceeds of a note. What's given in the problem Face value: $55300 Rate of interest: 10% Length of note: 95 days Date of note: August 23rd Date note discounted: September 18th Bank discount rate:9 percent

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Complete the following table for the simple discount notes using the ordinary interest method: Amount due at maturity: $22,000 Discount rate: 6.2% Time: 180 days . Bank discount: ?