The following interest-bearing promissory note was discounted at a bank by the payee before maturity. to the nearest cent.) Face Interest Value Rate (%) $1,210 7.1 Date of Note Sept. 16 Date of Discount Dec. 9 Term of Note (days) 130 Discount Period (days) Maturity Date -Select-- *** Discount Rate (%) 11.3 Maturity Value (in $) Proceeds (in $)

The following interest-bearing promissory note was discounted at a bank by the payee before maturity. to the nearest cent.) Face Interest Value Rate (%) $1,210 7.1 Date of Note Sept. 16 Date of Discount Dec. 9 Term of Note (days) 130 Discount Period (days) Maturity Date -Select-- *** Discount Rate (%) 11.3 Maturity Value (in $) Proceeds (in $)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 3CE

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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.)
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