On May 12, Scott Rinse accepted an $15,500, 14%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 13%. (Use Days in a year table.) What proceeds does Scott receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
On May 12, Scott Rinse accepted an $15,500, 14%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 13%. (Use Days in a year table.) What proceeds does Scott receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...
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![**Example Financial Problem from an Educational Resource:**
**Scenario:**
On May 12, Scott Rinse accepted a $15,500, 14%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 13%.
**Question:**
What proceeds does Scott receive?
*(Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)*
**Response:**
*Enter the proceeds received:* [______]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe3915f29-7f3f-440b-90dc-def6e5fb5c67%2Ff6af1685-e2e5-4c42-9fe9-4d71de3fa133%2Fit8nssn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Example Financial Problem from an Educational Resource:**
**Scenario:**
On May 12, Scott Rinse accepted a $15,500, 14%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 13%.
**Question:**
What proceeds does Scott receive?
*(Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.)*
**Response:**
*Enter the proceeds received:* [______]
![The image provided is a grid displaying a date conversion table. It maps each day of the month to the corresponding sequential day of the year. The table is organized with the following headers:
- The first column lists "Day of month" from 1 to 31.
- The subsequent columns represent months from January to December.
Below is the transcription of the visible part of the table:
```
Day of 31 28 31 30 31 30 31 31 30 31 30 31
month Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1 1 32 60 91 121 152 182 213 244 274 305 335
2 2 33 61 92 122 153 183 214 245 275 306 336
3 3 34 62 93 123 154 184 215 246 276 307 337
4 4 35 63 94 124 155 185 216 247 277 308 338
5 5 36 64 95 125 156 186 217 248 278 309 339
6 6 37 65 96 126 157 187 218 249 279 310 340
7 7 38 66 97 127 158 188 219 250 280 311 341
8 8 39 67 98 128 159 189 220 251 281 312 342
9 9 40 68 99 129 160 190 221 252 282 313 343
10 10 41 69 100 130 161 191 222 253 283 314 344
11 11 42 70 101 131 162 192 223 254 284 315 345
12 12](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe3915f29-7f3f-440b-90dc-def6e5fb5c67%2Ff6af1685-e2e5-4c42-9fe9-4d71de3fa133%2Ffoz4k36_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The image provided is a grid displaying a date conversion table. It maps each day of the month to the corresponding sequential day of the year. The table is organized with the following headers:
- The first column lists "Day of month" from 1 to 31.
- The subsequent columns represent months from January to December.
Below is the transcription of the visible part of the table:
```
Day of 31 28 31 30 31 30 31 31 30 31 30 31
month Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
1 1 32 60 91 121 152 182 213 244 274 305 335
2 2 33 61 92 122 153 183 214 245 275 306 336
3 3 34 62 93 123 154 184 215 246 276 307 337
4 4 35 63 94 124 155 185 216 247 277 308 338
5 5 36 64 95 125 156 186 217 248 278 309 339
6 6 37 65 96 126 157 187 218 249 279 310 340
7 7 38 66 97 127 158 188 219 250 280 311 341
8 8 39 67 98 128 159 189 220 251 281 312 342
9 9 40 68 99 129 160 190 221 252 282 313 343
10 10 41 69 100 130 161 191 222 253 283 314 344
11 11 42 70 101 131 162 192 223 254 284 315 345
12 12
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