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?

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A: Ordinary time means day convention of 360 days. Here, the proceed or amount received from bank is…

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A: To compute the net proceeds it is required to compute the maturity value.

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Q: Customer Bank loaned The Teacup Shoppe money at 6% interest for 90 days. If the interest was $300…

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Q: On September 14, Jennifer Rick went to Park Bank to borrow $3,600 at 9.25% interest. Jennifer plan…

A:

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Q: How much was the check he gave to the bank for payment?

A: Future value can be referred to as the value of an underlying asset or security at a future date.…

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Q: Simple Simon's Bakery purchases supplies on terms of 1.7/10, net 25. If Simple Simon's chooses to…

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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%.

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

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Q: 4. Estrada V. Escritor sells on terms 3/10, net 30. Total sales for the year are ₱2,539,130.  Forty…

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Q: (c) Pearl Inc. loans money to John Kruk Corporation in the amount of $832,000. Pearl accepts an 8%…

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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…