6 Part 1:Find the amount (in $) of interest on the loan.Principal Rate (%)TimeInterest$50,0006 months $Part 2:Central Auto Parts borrowed $450,000 at 9% interest on July 6 for 120 days.(a) If the bank uses the ordinary interest method, what is the amount (in $) of interest on the loan?$ 13,315.06(b) What is the maturity date?November e V 6Part 3:You sign a simple discount promissory note for $7,000 at a discount rate of 7%, for 48 months. What are the proceeds (in $)?Part 4:If you sign a discount note for $7,500 at a bank discount rate of 9% for 9 months, what is the effective interest rate (as a %)? Round to the nearest tenth percent.%Part 5:The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missinginformation. (Round dollars to the nearest cent.)MaturityValueFaceInterestMaturityDate ofNoteTerm ofValueRate (%)Note (days)Date(in $)$1,2507.1Sept. 19130---Select- e24Proceeds(in $)Date ofDiscountDiscountDiscountPeriod (days)Rate (%)Dec. 1211.2Part 6:If you purchase $22,000 in U.S. Treasury Bills with a discount rate of 4.5% for a period of 26 weeks, what is the effective interest rate (as a %)? Round to the nearesthundredth percent.%

"Hi, Thanks for the Question. since, you asked multiple sub parts question, we will answer first…

Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $50,000 6 months Part 2: Central Auto Parts borrowed $450,000 at 9% interest on July 6 for 120 days. (a) If the bank uses the ordinary interest method, what is the amount (in $) of interest on the loan? $ 13,315.06 (b) What is the maturity date? November Part 3: You sign a simple discount promissory note for $7,000 at a discount rate of 7%, for 48 months. What are the proceeds (in $)? $

Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $50,000 6 months Part 2: Central Auto Parts borrowed $450,000 at 9% interest on July 6 for 120 days. (a) If the bank uses the ordinary interest method, what is the amount (in $) of interest on the loan? $ 13,315.06 (b) What is the maturity date? November Part 3: You sign a simple discount promissory note for $7,000 at a discount rate of 7%, for 48 months. What are the proceeds (in $)? $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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