Robinson’s, an electrical supply company, sold $8,000 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 5.2% interest. The due date was August 10. Short of funds, Robinson’s contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.9% discount. (Use Days in a year table.) What proceeds will Robinson’s receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
Robinson’s, an electrical supply company, sold $8,000 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 5.2% interest. The due date was August 10. Short of funds, Robinson’s contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.9% discount. (Use Days in a year table.) What proceeds will Robinson’s receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Robinson’s, an electrical supply company, sold $8,000 of equipment to Jim Coates Wiring, Incorporated Coates signed a promissory note May 12 with 5.2% interest. The due date was August 10. Short of funds, Robinson’s contacted Capital One Bank on July 20; the bank agreed to take over the note at a 6.9% discount. (Use Days in a year table.)
What proceeds will Robinson’s receive?
Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
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