On July 1, 2020 Trolley & Train World borrowed money from First Friendly National Bank by issuing a $25,000, 90 day, non-interest bearing note. The note was discounted to 14%. Required: Compute the following: Use 360-days in a year. 1. How much money did Trolley and Train World receive? 24,125 2. What was the total amount of interest paid? 875 3. What is the effective 90 day interest rate on this note? Round percentage to two decimals. 3.63 % 4. What is the approximate annual effective interest rate on this note payable? Round your intermediate calculation to four decimal places and your final answer to two decimal places.

On July 1, 2020 Trolley & Train World borrowed money from First Friendly National Bank by issuing a $25,000, 90 day, non-interest bearing note. The note was discounted to 14%. Required: Compute the following: Use 360-days in a year. 1. How much money did Trolley and Train World receive? 24,125 2. What was the total amount of interest paid? 875 3. What is the effective 90 day interest rate on this note? Round percentage to two decimals. 3.63 % 4. What is the approximate annual effective interest rate on this note payable? Round your intermediate calculation to four decimal places and your final answer to two decimal places.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 34CE: Notes Receivable Metzler Communications designs and programs a website for a local business. Metzler...

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