K On June 1, 2017, a four-month promissory note for $1850 with interest at 5% was issued. Compute the proceeds of the note on August 28, 2017, if money is worth 6.5%. Ignore any grace period The proceeds are $ (Round to the nearest cent as needed.)

K On June 1, 2017, a four-month promissory note for $1850 with interest at 5% was issued. Compute the proceeds of the note on August 28, 2017, if money is worth 6.5%. Ignore any grace period The proceeds are $ (Round to the nearest cent as needed.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Related questions

Q: An eight-year note for $4000 issued on November 1, 2016, with interest at 6.2% compounded quarterly…

A: Present Value of the note = $4,000 Rate of interest = 6.2% Duration of the bond(n)=8 years

Q: Sylvestor Systems borrows $161,000 cash on May 15, 2017, by signing a 30-day, 5% note. 1. On what…

A: Promissory note is an instrument issued by the borrower to lender for the money payable after the…

Q: 1. The note has a face value of 12,500; dated April 12, 2013 that has to be paid after 5 months. The…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A 180-day note for $2000 with interest at 6% is dated September 18, 2024. Compute the note's value…

A: A note, often known as a promissory note, is a written agreement to pay an agreed-upon sum of money…

Q: 1. A note of P 55,000 dated January 1, 2015 is due in 5 years and 6 months with interest at 9%…

A: A promissory note is a debt instrument that contains a written commitment by one party (the note's…

Q: 4)A promissory note for $800.00 dated January 15, 2017, requires an interest payment of $100.00 at…

A: Introduction:- This question involves the calculation of the due date of a promissory note, which is…

Q: On September 1, 2021, Daylight Donuts signed a $254,000, 9%, six-month note payable with the amount…

A: Solution... Principal amount = $254,000 Rate of interest = 9% Time period = 6 months

Q: On December 31, 2022, Company sold land in exchange for a nine-month, 10% note. The note requires…

A: As per the given information: Land sold in exchange for a nine-month,10% note.Payment - $200,000…

Q: A debt of $7609.38 is due July 1, 2025. What is the value of the obligation on January 1, 2015, if…

A: The value of the obligation can be calculated as the present value of debt

Q: Haatimvopened an RRSP deposit account on December 1, 2008, with a deposit of $1400. He added $1400…

A: Future value is the accumulated sum of money that is invested with the motive to earn a certain…

Q: Find the interest of deducted in advance and the proceeds of a 90,000 bank discount note with an…

A: The question is related to the calculation of interest in advance and procceds net of interest.

Q: Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a…

A: Lets understand the basics.Proceeds from note is equal to all the cash received initially from…

Q: On july 1, 2017 LA company sold equipment to NA company for 1,000,000. LA accepted a 10% note…

A: Discounting a note receivable refers to the selling of the notes receivable in the future for a…

Q: A note dated May 1, 2011 promises the payment of $5660 00 wath interest at 6 5% pa. compounded…

A: Given Information:A note worth $5660 issued on 2011, may 1st at 6.5% interest compounded…

Q: lint, Inc. issued a $185,000, 4-year, 11% note at face value to Flint Hills Bank on January 1, 2017,…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: Rice Inc. issued a 120-day note in the amount of $150,000 on October 31, 2013 with an annual rate of…

A: NOTES PAYABLENotes payable are reported under the liabilities section of the balance sheet. Notes…

Q: On June 20, 2016, Rolf Inc. borrowed $25,000 from its bank, signing an 8%, two-year note. Assuming…

A: Solution: The journal entry Rolf will record on each of the following dates: 1) Assuming that the…

Q: Need Help with This Question

A: Step 1: Introduction to Note Payable:In accounting, a note payable may be considered a loan the…

Q: A 100-day note with a face amount of $54,000 and interest rate of 9% is issued on June 1. Required:…

A: 1.

Q: On January 1, 2021, Aloha Co. received the following note: Face amount…

A: Notes receivables are claims supported by formal promise to pay usually in the form of notes. Non…

Q: On January 1, 2022, ABC Company issued 9% Note with face amount of P2,000,000 which matures on…

A: A note is a legal document representing a loan made from an issuer to a creditor or an investor.

Q: A seven-month promissory note for $7,800 dated March 12, 2016 bears interest at 8% a. What is the…

A: Promissory note: It can be defined as a financial instrument containing a written promise of paying…

Q: On January 1, 2021, Aloha Co. received the following note: Face amount…

A: Initial measurement of notes receivable: It is the process of determining the monitory value at…

Q: A non-interest bearing eight year note for $5000 issued August 1, 2008 is discounted April 1, 2011…

A: To find the compound discount, we need to determine the present value of the note on April 1, 2011.…

Q: 1. CJ, Inc. issued a promissory note to AJ, Inc. in the amount of $400,000 on January 1, 2014, the…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: What price did the finance company pay for the promissory note? What rate of interest did the…

A: Formula: For price, the finance company pay for the promissory note S= P(1+rt)P= S(1-dt) Rate of…

Q: A promissory note for $800 00 dated January 15, 2017, requires an interest payment of $140.00 at…

A: A promissory note refers to a legal document that includes the promise by the borrower to repay a…

Q: Cars Inc. issued 120 day note in the amount of $360,000 on November 1, 2016 with an annual rate of…

A: Solution: Amount of interest accrued as of Dec 31, 2016 = Amount of note * Interest rate * Period…

Q: On September 14, 2024 a note signed on February 3, 2024 matures for $8,000. The simple discount rate…

A: Note issue date = 3 February 2024Note maturity date = 14 September 2024Amount = $8000Discount rate =…

Q: Aloha Co. received the following note: Face amount P 1,000,000…

A: when calculating the amount of interest income to recognise in the statement of financial…

Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: a seven-year note for $2800.00 issued on october 1,2015, with interest at 5.7% compounded annually…

A: Given that, Present Value of the note(PV)=$2800 Rate of interest(i)=5.7% or 0.057 Duration of the…

Q: On January 1, 2014, Huff Co. issued a $4,000,000, zero interest (0%), 10-year note payable for…

A: Notes payable: Notes payable is a liability for the organization which has to be paid after a…

Q: A nine-year note for $3200 issued on October 1, 2015, with interest at 6.6% compounded annually is…

A: A promissory note is a legal instrument or document, in which one party promises in writing to pay a…

Q: A note of P 55,000 dated January 1, 2015 is due in 5 years and 6 months with interest at 9%…

A: First, we will calculate the compound interest amount for the whole period, and then we will be…

Q: ABC signed a 5-year, 9% note payable for $80,000 on May 1, 2012. Which account will be credited when…

A: Journal entry for Note Payable 1.Interest expense will be debited to book current years interest…

Q: on August 1, 2018, Turner manufacturing lands cash and excepts a $11,000 note receivable that offers…

A: >Year end adjustments are required to adjust various accounting adjustment which can be…

Q: On January 1, 20Y2, Hebron Company issued a $71,000, 4-year, 11% installment note to Ventsam Bank.…

A: NOTES PAYABLE Notes payable, usually referred to as promissory notes, are a type of debt that a…

Q: On February 1, 2021, Miter Corp. lends cash and accepts a $1,000 note receivable that offe interest…

A: The interest revenue for the period is calculated from the date of borrowing to the date of…

Q: October 1, 2015, GFS borrows $150,000 cash from a bank by signing a three-year installment note…

A: The question has asked to compute the amount of each installment payment, amortization table, and,…

Q: A debt of $4374.96 is due November 1, 2020. What is the value of the obligation on November 1, 2016,…

A: To find the present value of the debt, we need to use the formula for the present value of a future…

Q: Keesha Co. borrows $200,000 cash on November 1, 2017, by signing a 90-day, 9% note with a face value…

A: Notes are a form of debt taken by the company, on which business has to pay interest payments. This…

Q: Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of…

A: The interest rate and the technique used to calculate interest are specified in the note. This…

Q: On February 1, 2021, Miter Corp. lends cash and accepts a $1,000 note receivable that offers 12%…

A: In accounting, interest revenue refers to the income earned by an entity from interest-bearing…

Q: Give typing answer with explanation and conclusion A promissory note for $7200.00 dated May 15,…

A: Principal value = $7200.00 Compound interest = $740.00 Compound Interest rate = 9.6% compounded…

Q: A six-month promissory note dated November 8, 2013, is made at 6% for $2900.00. What is the present…

A: The present value of a promissory note is calculated by discounting the future value of the note by…

Question

K
On June 1, 2017, a four-month promissory note for $1850 with interest at 5% was issued. Compute the proceeds of the note on August 28, 2017, if money is worth 6.5%. Ignore any grace period.
The proceeds are $
(Round to the nearest cent as needed.)
A
Q Search
a
1
IO
C
8
$
Clear all.
Check ans
^*
110
2/8

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define the variables

VIEW

Step 2: Compute the values

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

A 50,000 payment was made on July 9, 2017 find the discounted value and accumulated value on the specified date corresponding to the given rates of interest or discount. Rate of Interest or Discount Date Discounted Value Date Accumulated Value Effective interest rate of 3.24% July 9, 2013 January 9, 2020 Effective discount rate of 4.96% July 9, 2015 April 9, 2018 simple interest rate of 4 2/5% per annum (exact, non-leap year) March 11, 2017 January 26, 2018 simple interest rate of 6 3/4% per annum (banker's rule) February 15, 2017 December 19, 2017 8.4% interest rate convertible quarterly May 9, 2015 June 9, 2018
1. CJ, Inc. issued a promissory note to AJ, Inc. in the amount of $400,000 on January 1, 2014, the due date is December 31, 2018. The note has a stated rate of 4%. Interest is due each year on December 31. The current yield rate of interest is 8%. a) What is the present value of the note. b) What entry would AJ, Inc. journalize for the issuance of the note? |
Be clear.
An $9,000 note dated 06/22/2020, matures on 12/22/2020 at 8.15%. (Banker’s Rule) In how many days is the note due? What interest is paid on the note?
A 12-year promissory note for $650000 issued on August 15, 2012, with interest at 3.5% compounded monthly, was sold on March 15, 2018, at 6% compounded semi-annually. What is the sale price (proceeds) of the note?
A six year note for 3500 issued on april1, 2015 with interest at 6.9percent compounded semi annually is discounted on january 1,2017 at 5.5percent compounded quarterly .what are the proceeds of the note?
Issued, On January 01, 2010, a four-year note to ABC Bank. Face value of note is $40,000. It is a 5% note discounted at 8%. 2A). A journal entry for the issuance of the note on January 01, 2010. 2B). A journal entry for interest accrued on December 31, 2010. 2C). A journal entry for interest accrued on December 31, 2011. 2D). A journal entry for interest accrued on December 31, 2012. 2E). A journal entry for interest accrued on December 31, 2013. 2F). A journal entry for payment of the interest on December 31, 2013. 2G). A journal entry for payment of the note to XYZ Bank on December 31, 2013. Don't give answer in image format
Hermes Inc. received on January 1, 2017, a $22,800 4-year zero-interest bearing note for lending $16,400 to Phoenix Co. Hermes financial year ends December 31. Round to the nearest whole number. The discount rate on the note is
A five-year note for $4800 issued on October 1, 2017, with interest at 2% compounded annually is discounted on April 1, 2020, at 4% compounded quarterly. What are the proceeds of the note?
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
Sheffield Corporation issued a 3-year, $66,000, 6% note to Oriole Company on January 1, 2017, and received an excavator that normally sells for $57,936. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 11%. Prepare Sheffield's journal entries for (a) the January 1 issuance and (b) the December 31 interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (a) (b)
K Mahadeus opened an RRSP deposit account on December 1, 2008, with a deposit of $2300. He added $2300 on April 1, 2010, and $2300 on January 1, 2012. How much is in his account on October 1, 2016. if the deposit earns 6.7% pa compounded monthly? (3) The amount in the account is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed) Clear all

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS