Paul signed an $8100 note at citizens bank. Citizens bank charges a 6.4% discount assume the loan is for 260 days. Find the proceeds use a 360 days a year.
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Paul signed an $8100 note at citizens bank. Citizens bank charges a 6.4% discount assume the loan is for 260 days. Find the proceeds use a 360 days a year.
Note receivable refers to a negotiable instrument. It represents the claim amount due on the acceptor. It is considered as a current asset and shown on the balance sheet. The holder of the instrument has the power to discount that notes from the bank.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
