Joy Lindman buys a $10,000 13-week Treasury bill at 8 1/4% What is her effective rate? Round  to the nearest hundredth percent.  6. Frost Corporation accepted a $20,000, 8%, 90-day note on July 8. Frost discounts the note on  September 6 at East Bank at 9%. What proceeds did Frost receive?

Q: Ron Prentice bought goods from Shelly Katz. On Sept. 14, Shelly gave Ron a time extension on his…

A: The note is discounted from the bank to receive early payment from the note issued to customer. The…

Q: Ron Prentice bought goods from Shelly Katz. On April 16, Shelly gave Ron a time extension on his…

A: Given,Principal  (P) = $3,025Rate of interest (R) = 9%Time (T) = 160 / 360 = 0.4305I = P* R *…

Q: 15, Lizabeth Neault needed funds to open a law office. She borrowed $28,400 at 8.5% simple interest…

A: Simple interest refers to the net amount of interest paid by the borrower to the lender on the…

Q: Find the discount and proceeds on a $3,250 face-value note for six months if the discount rate is…

A: The objective of this question is to calculate the discount and proceeds on a $3250 face-value note…

Q: Raul Fletes borrowed $9,500 on a 90-day note that required ordinary interest at 11.97%. Raul paid…

A: Interest PaymentsInterest payments refer to the money paid by a borrower to a lender for the use of…

Q: Trevor purchased a 90-day interest-bearing note at 4.80% p.a. that has a face value of $25,000.00.…

A: Solution:- When an interest bearing note is purchased, it provides interest to the holder. So,…

Q: On May 12, Scott Rinse accepted an $9,500, 11%, 90-day note for a time extension of a bill for goods…

A: A note can be defined as money lent by the issuer to the borrower. The note is a type of loan…

Q: 2, Scott Rinse accepted an $4,500, 11%, 90-day note for a time extension of a bill for goods bought…

A: The notes are given interest rate and based on time period and interest the value of the note is…

Q: Stacy took out a loan for $15,000. Her note was for 300 days at 5% ordinary interest. On day 100 she…

A: The formula for calculating simple interest Simple Interest(I) = P*r*t Where, I = Interest Amount P…

Q: Mark purchased a 90 -day interest-bearing note at 4.80% p.a. that has a face value of $5,000.00. a.…

A: a 90-day interest-bearing note is a short-term financial instrument that is used to raise funds.…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: Frist we need to calculate the bank discount by using this equation  Bank discount =Maturity…

Q: Lawrence signs a note promising to pay Justin $2500 at 11.25% compounded monthly in 7 years.…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: 4. Peter Sarnoff deposited $1000 in a new savings account at First National Bank. He made no other…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: 3. Joe Burrow loans Kenyan Drake $400,000. Burrow accepts a 5% note, which requires quarterly…

A: Bonds are a representation of a promise to pay interest, typically every two years, and to repay the…

Q: Paul and Sandy Moede signed an $8,600 note at Citizen's Bank. Citizen's charges a 4.5% discount…

A: Effective rate of interest refers to the interest rate charged by the lender by the borrower on the…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: The promissory note is a legal instrument that is written by one party to another by making a…

Q: On May 12, Scott Rinse accepted an $6,000, 14%, 90-day note for a time extension of a bill for goods…

A: Calculation of Discounted Period Between May 12 and June 12, 31 days passed i.e. 90-31 days = 59…

Q: Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time extension on his bill…

A: No. of Days from Feb 26 to May 10 = 74Days Interest on Note at Maturity = 4,400 x 0.06 x 165/360…

Q: Peter buys an item from Sue and signs a note to pay $315 in 10 months. Then, 3 months before the…

A: Due to the legal duty for a business to return borrowed monies in the future, sometimes with…

Q: #14: INCOME TAX PAYMENT: Managers at Benson Automotive sign a $48,000 simple discount note for six…

A: Discount = Par Value of Discount Note x Interest Rate x (Number of months/12) Proceeds = Par Value…

Q: Darcy holds a 200 day note from Brenda. This note was given by Brenda to Darcy since the former owes…

A: ANSWER:- $ 72,024.65 is the bank going to receive on the 200th day of the note

Q: $5,000.00. 118 Round to the nearest cent p.a. al llas a lace val a. If she holds the note for the…

A: The security having short-term maturity with combined payment of principal and face value at…

Q: Ron Prentice bought goods from Shelly Katz. On Feb. 26, Shelly gave Ron a time e lay note. On May…

A: Notes are financial instruments in which interest is paid on maturity along with principal amount.

Q: Paul and Sandy Moede signed an $8000 note at Citizen's Bank. Citizen's charges a 6.50% discount…

A: Computation of effective rate of interest:Hence, the effective rate of interest is 6.87%.

Q: Raul Fletes borrowed ​$9,500 on a 120​-day note that required ordinary interest at 12.03​%. Raul…

A: In this we have to calculate the interest of both and than get the remaining interest.

Q: Paul and Sandy Moede signed an $8,100 note at Citizen's Bank. Citizen's charges a 6.4% discount…

A: A note is a debt instrument where the borrowing party promises to pay back the face value of the…

Q: Sean purchased an interest-bearing promissory note for $11,000.00 at 5.00% p.a., due in 90 days. If…

A: The promissory note refers to a debt instrument that is issued by a person who writes a note by…

Q: Meghan purchased a 90-day interest-bearing note at 5.20% p.a. that has a face value of $5,000.00. a.…

A: The security having short-term maturity with combined payment of principal and face value at…

Q: Use the ordinary interest method, 360 days, to solve the following word problems. Round to the…

A: Discounted notes are issued at a discount to the face value and the discount depends on the interest…

Q: Find the discount and proceeds on a $3,260 face-value note for three months if the discount rate is…

A: In the context of the given question, we are to required compute the discount and the proceeds from…

Q: Ron Prentice bought goods from Shelly Katz. On Feb. 15, Shelly gave Ron a time extension on his bill…

A: The note is discounted from the bank to receive early payment from the note issued to customer. The…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: Given, Simple discount amount = $28,500 Discount rate = 13% Note was made for = 116 days