Mobile Co. issued a $43,601, 60-day, discounted note to Guarantee Bank. The discountrate is 11%. At maturity, assuming a 360-day year, the borrower will pay:Select the correct answer.C$44,400C$38,805C$43,601$42,802

The amount to be paid by the borrower is equal to the face value of the note issued.

Answered: T, the borrower will pay:

Business

Accounting

T, the borrower will pay:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Answer: c

Question

Mobile Co. issued a $43,601, 60-day, discounted note to Guarantee Bank. The discount
rate is 11%. At maturity, assuming a 360-day year, the borrower will pay:
Select the correct answer.
C$44,400
C$38,805
C$43,601
$42,802

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