**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 31month Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.1 1 32 60 91 121 152 182 213 244 274 305 3352 2 33 61 92 122 153 183 214 245 275 306 3363 3 34 62 93 123 154 184 215 246 276 307 3374 4 35 63 94 124 155 185 216 247 277 308 3385 5 36 64 95 125 156 186 217 248 278 309 3396 6 37 65 96 126 157 187 218 249 279 310 3407 7 38 66 97 127 158 188 219 250 280 311 3418 8 39 67 98 128 159 189 220 251 281 312 3429 9 40 68 99 129 160 190 221 252 282 313 34310 10 41 69 100 130 161 191 222 253 283 314 34411 11 42 70 101 131 162 192 223 254 284 315 34512 12

The question is based on the concept of Financial Management.Calculate the discount period90-31=59 days discount period 163 June 12(132) May 1231 days passed Calculate the maturity value15500*14%*90/360 = 542.5 interest + 15500 = $16042.5 MV Calculate the bank discount16042.5 * 13%*59/360 = $341.79 bank discount Calculate proceeds received16042.5 - 341.79 = $15700.71 proceeds

Business

Accounting

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.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.12MCP

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