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

Q: 10. A bank note is discounted at 6% in order to take advantage of the cash discount On an invoice…

A: The credit terms are 2/15, n/45 that means 2% cash discount is allowed if the payment has been…

Q: The invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June…

A: The Receipt-of-goods (ROG) is the method of payment, wherein the date of commencement is the day on…

Q: The interest on a $27000, 15%, 1-year note receivable is $31050. $228. $270. $4050.

A: The note receivable is an asset for the business.

Q: TORR, Inc. issues a $600,000, 9%, five-year note payable on January 1, 20X5. If the monthly payment…

A: Interest for first month = face value of the note payable x interest rate  x no. of months/12 =…

Q: Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400 what is the…

A: Interest is calculated on the principal amount borrowed by the business.  In the given case if…

Q: Provide Correct Answer

A: To calculate Crystal's proceeds on the loan, we need to use the simple discount note…

Q: The interest charged on a $392000 note payable, at the rate of 6%, on a 60-day note would be (Use…

A: Notes payable are the liabilities for any business which will be payable at the time of due date or…

Q: A 60-day, 5% note for $10,200, dated April 15, is received from a customer on account. The face…

A: The face value of the note is $10200

Q: Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a…

A: Introduction: Journals: Recording of a business transaction in a chronological order. First step in…

Q: Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture…

A: Answer a) Due date =August 11 17+31+30+31+11

Q: Autumn Designs & Decorators issued a 120-day, 6% note for $30,000, dated April 13 to Zebra Furniture…

A: Notes receivable is an asset which is a kind of promise from a another party that it will receive…

Q: Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a…

A: Lets understand the basics.Proceeds from note is equal to all the cash received initially from…

Q: What do the credit terms, 2/15, n/30 mean? Multiple Choice A two percent discount can be deducted if…

A: The purchase invoice contains the various terms related to the payment to the supplier. It tells…

Q: American Express and other credit card issuers must by law print the Annual Percentage Rate (APR) on…

A: The annual percentage rate(APR) is the interest rate (nominal rate) determined by the credit card…

Q: A $40,000 loan at 4% dated June 10 is due to be paid on October 11. The amount of interest is…

A: Loan amount (P) = $40000 Interest rate (r) = 4% Period from June 10 to Oct 11 (d) = 123 Days

Q: Assuming a 360-day year, the interest charged by the bank at the rate of 10%, on a 90-day,…

A: The note payable has a predefined maturity date. At the maturity date, the value of the note is paid…

Q: Find the maturity value, discount period, discount, and proceeds for a promissory note that is…

A: The concept involved in this question is how trade invoices are prepared by firms to keep the…

Q: A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required:…

A: 1.

Q: he interest on a $ 21000, 6%, 60-day note receivable is (Use 360 days for calculation.) $ 210. $…

A: Introduction:- A written promise from a  customer to pay a specific amount of money on a particular…

Q: Want the Answer

A: To calculate Crystal's proceeds on the loan, we need to determine the present value of the note. The…

Q: A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…

Q: Discounting a Note Receivable Sonic Inc. received from a customer a $2,400, 9% interest-bearing note…

A: Introduction: A note receivable is a written promise to pay another party a certain sum of money on…

Q: A 90-day, 5% note for $9,600, dated May 1, is received from a customer on account. The maturity…

A: The maturity value of note will include the face value of note and Interest accrued thereon.…

Q: How much must be placed in a two-month term deposit earning 4.8% in order to earn $275 interest?…

A: A term deposit refers to an investment that is offered for a set time where a periodic sum has to be…

Q: Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and…

A: Bank discount = Face value*discount rate* term in days/total days Proceeds = Face value - bank…

Q: Using ordinary interest, 360 days, calculate the missing information for the simple discount note.…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: What is the annual rate of interest being charged on a 3-month note receivable of $51,000 if the…

A: Introduction: A note receivable is a documented promise to pay a set amount of money to another…

Q: Assuming a 360-day year, when a $18,690, 90-day, 10% interest-bearing note payable matures, total…

A: The note payable represents the amount due for payment. It is reported as liabilities in the balance…

Q: answer

A: Question 1: Simple Interest Loan PeriodThe correct answer is One year or less. Simple interest is…

Q: Mobile Co. issued a $43,384, 60-day, discounted note to Guarantee Bank. The discount rate is 11%. At…

A: Discounting of note means when note is transferred from company to bank and bank will deduct…

Q: Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on…

A: Compound = n = Monthly = 12Annual Percentage Rate = APR = 19%