Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Face value Rate of interest Length of note Date note (principal) $26,300 Maturity value Date of note discounted Discount period 9% 65 days %24 March 17 Bank discount Proceeds April 20 days

Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Face value Rate of interest Length of note Date note (principal) $26,300 Maturity value Date of note discounted Discount period 9% 65 days %24 March 17 Bank discount Proceeds April 20 days

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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Analyzing Interest-Bearing and Noninterest-Bearing Notes Consider the following three separate scenarios for a one-year, $250,000 note payable issued on September 1, 2020. Complete the table, using the straight-line method to amortize any discount on note payable. Note: Round your answers to the nearest whole dollar. Cash received upon note issuance Cash paid at maturity date Total interest paid (cash) Interest expense in fiscal year 2020 Interest expense in fiscal year 2021 Amount of liabilities reported on FYE 2020 balance sheet: Note payable (net) Interest payable *FYE: Fiscal year-end $250,000 Note payable 12% Interest due at maturity 12% market rate Borrower's FYE*: Dec. 31 250,000 $ $250,000 Note payable 10% interest due at maturity 10% market rate Borrower's FYE: Nov. 30 $ $250,000 Note payable Noninterest-bearing 12% market rate Borrower's FYE: Dec. 31 $
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous mo th's balance. (Round dollars to the nearest cent.) Annual Monthly Finance Purchases Payments New Previous Percentage Rate (APR) (as a %) Periodic Charge and Cash and Balance Balance Rate (in $) Advances Credits (in $) 1-% $ 31.12 $2,490.00 15 % $1,354.98 $300.00 3576.1 4
Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory note at a certain bank. The discount rate was 13%, and the note was made on February 18 (not in a leap-year) for 116 days. (a) What proceeds (in $) will Roni receive on the note? $ (b) What is the maturity date of the note?
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) FaceValue InterestRate (%) Date ofNote Term ofNote (days) MaturityDate MaturityValue(in $) $1,210 7.1 Sept. 15 130 ---Select--- January February March April May June July August September October November December $ Date ofDiscount DiscountPeriod (days) DiscountRate (%) Proceeds(in $) Dec. 8 11.9
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Maturity Face Interest Date of Term of Maturity Value Value Rate (%) Note Note (days) Date (in $) 11- $250 June 5 135 -Select--- $ Date of Discount Discount Proceeds Discount Period (days) Rate (%) (in $) Sept. 7 12.5 $
The following table describes your bank account balance before and after each time point as well as deposit and withdrawal history from April 1, 2020 to April 1, 2021. Date Balance before Deposit Withdrawal Balance after Apr. 1, 2020 300 300 Jul. 1, 2020 350 100 250 Dec. 1, 2020 280 200 480 Apr. 1, 2021 500 500 Calculate the dollar-weighted interest rate during the entire period. O less than 33% at least 33%, but less than 34% at least 34%, but less than 35% at least 35%, but less than 36% at least 36%, but less than 37% at least 37% Question 9 (Continued from the last question.) Calculate the time-weighted interest rate during the entire period. less than 33% at least 33%, but less than 34% at least 34%, but less than 35% at least 35%, but less than 36% at least 36%, but less than 37% at least 37%
Solve for maturity value, discount period, bank discount, and proceeds. Assume a bank discount rate of 9%. Use the ordinary interest method. (Use Days in a year table.) Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Face value (principal) $ 27,200 Rate of interest 9% Length of note. 60 days Maturity value Date of note August 23 Date note discounted September 18 Discount period Bank discount Proceeds
On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $63,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%.$fill in the blank 1 b. Determine the proceeds of the note, assuming the note is discounted at 5%.$fill in the blank 2
Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 9 6 months $1,575
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Round to the nearest dollar.)\table[[,\table[[Date of], [Note]], Interest,], [a., August 5, $12,000,9%, 120 days], [b., May 10, 33,600,7%, 90 days ], [c., October 20, 48,000, 12%, 45 days], [d., July 16,9,000, 10%, 60 days], [e., September 15, 19,000,7%,75 days]]
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