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On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $21,600. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) Multiple Choice: $21,792 $21,600 $21,888 $21,984 $22,176

On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $21,600. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) Multiple Choice: $21,792 $21,600 $21,888 $21,984 $22,176

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $21,600. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) Multiple Choice $21,792 $21,600 $21,888 $21.984 $22,176 4
Transcribed Image Text:On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $21,600. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) Multiple Choice $21,792 $21,600 $21,888 $21.984 $22,176 4
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