Chapter 8 - Simple Interest ApplicationsFind the proceeds and the discount.A 110 day promissory note for $1,300 with interest at 10.89%, issued March 20, 2011 is discounted (sold) on May 14, 2011 at aninterest rate of 10.15%.(The dates must be answered in the following format: January 1, 2012)(Do not include the $ sign when entering money values.)Legal due date =Number of days =Future value =Days left after discount =The sale value (proceeds) =Amount of discount =Check

The promissory note is a debt obigation tobe fullfilled by the debtor…

Answered: I the proceeds anc

Business

Accounting

I the proceeds anc

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Chapter 8 - Simple Interest Applications Compute the maturity value. A eight month, 13.18%, promissory note for $704 is issued March 17, 2012. (The dates must be answered in the following format: January 1, 2012) (Do not include the $ sign when entering money values.) Legal due date = Number of days = Maturity value = Check
1) A non-interest bearing eight year note for $5000 issued August 1, 2008 is discounted April 1, 2011 at 6.5% compounded semi-annually. Find the compound discount. Give typing answer with explanation and conclusion
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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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Journalize the following, assuming a 360-day year is used for interest calculations: Apr. 30 Issued a $1,080,000, 120-day, 9% note dated April 30 to Misner Co. on account. Aug. 30 Paid Misner Co. the amount owed on the note dated April 30. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Apr. 30 Aug. 30
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