elect the correct answer and explain What is the discount to a promissory note with a face value of $ 27,350? Consider that it is negotiated with the 6.25% annual simple discount, five months before expiring. a. $ 701.25 b. $ 721.66 c. $ 680.00 d. $ 712.21
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Select the correct answer and explain
What is the discount to a promissory note with a face value of $ 27,350? Consider that it is negotiated with the 6.25% annual simple discount, five months before expiring.
a. $ 701.25
b. $ 721.66
c. $ 680.00
d. $ 712.21
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- What does "2/10" mean, with respect to "credit terms of 2/10, n/30"? A. A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. B. Interest of 2 percent will be charged if the invoice is paid after 10 days from the date on the invoice. C. A discount of 10 percent will be allowed if the invoice is paid within two days of the invoice date. D. Interest of 10 percent will be charged if invoice is paid after two days.Fill in the missing information 1. Find the missing information 2. Monetary Value: Round up the monetary value to the next whole value Use 360 days = 1 year in computing for interest The following information pertains to the discounting of promissory note received by the seller: Principal Date of note Interest Rate Term of note Maturity Date Maturity Value Note was discounted Discount Rate 400,000 09/12 12% 95 days 12/16 412,666.67 after 70 days 15% Term of discounting Discount date Discount Amount Net proceeds from discounting Carrying amount of note Gain (loss) from discounting with recourse ? ? 408,368.06 ? (965.28) Thank you for helping me :DFill in the missing information 1. Find the missing information 2. Monetary Value: Round up the monetary value to the next whole value Use 360 days = 1 year in computing for interest The following information pertains to the discounting of promissory note received by the seller: Principal 70,000.00 Date of note 03/21 Interest Rate 12% Term of note 60 days Maturity Date 05/20 Maturity Value 71,400.00 Note was discounted after 20 days Discount Rate (?) % Term of discounting with recourse Discount date 04/10 Discount amount 1,150.33 Net proceeds from discounting 70,249.67 Carrying Amount ? Gain (Loss) from discounting ? Thank you for helping me :D
- Assuming a 360-day year, when a $9,300, 90-day, 6% interest-bearing note payable matures, total payment will be Round your answer to the nearest whole dollar. a.$9,440 b.$9,858 c.$558 d.$140Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) Face Discount Date of Term Maturity Bank Discount Proceeds Value Rate (%) Note (days) Date (in $) (in $) $700 12.5 Sept. 6 107 December 23 $ 27 $ 774 Need Help? Read ItUsing ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) Face Discount Date of Term Maturity Bank Discount Proceeds Value Rate (%) Note (days) Date (in $) (in $) $700 12.5 Sept. 6 107 -Select--- $ Need Help? Read It
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- Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) FaceValue DiscountRate (%) Date ofNote Term(days) MaturityDate Bank Discount(in $) Proceeds(in $) $700 12.2 Sept. 4 107 $ $Assuming a 360-day year, when a $12,750, 90-day, 11% interest-bearing note payable matures, total payment will amount to: Select the correct answer. $1,403 $14,153 $13,101 $351American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 22.00%, with interest paid monthly, what is the card's EFF%? Select the correct answer. a. 21.96% b. 24.36% c. 23.16% d. 25.56% e. 26.76%