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FINANCIAL ACCOUNTING
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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4. An invoice for $16,432.99 has sales terms of 3/15, n/30. A 9% note was discounted in order to take advantage of the cash discount. a. What was the face value of the note? b. How much was saved by borrowing to take advantage of the cash discount? D Question 2 6. A business discounts a note at its bank at 9% in order to take advantage of a cash discount on an invoice for $20,153.06. The sale terms on the invoice were 2/10, n/60.? a. What was the maturity value of the note? b. How much was saved by taking out the loan? ?
Transcribed Image Text:4. An invoice for $16,432.99 has sales terms of 3/15, n/30. A 9% note was discounted in order to take advantage of the cash discount. a. What was the face value of the note? b. How much was saved by borrowing to take advantage of the cash discount? D Question 2 6. A business discounts a note at its bank at 9% in order to take advantage of a cash discount on an invoice for $20,153.06. The sale terms on the invoice were 2/10, n/60.? a. What was the maturity value of the note? b. How much was saved by taking out the loan? ?
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