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 nearest cent.) Face Interest Date of Value Rate (%) Note $350 12/1/2 June 8 Date of Discount Sept. 2 Term of Note (days) 135 Discount Period (days) Maturity Date -Select- Discount Rate (%) 15.5 $ $ Maturity Value (in $) Proceeds (in $)
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 nearest cent.) Face Interest Date of Value Rate (%) Note $350 12/1/2 June 8 Date of Discount Sept. 2 Term of Note (days) 135 Discount Period (days) Maturity Date -Select- Discount Rate (%) 15.5 $ $ Maturity Value (in $) Proceeds (in $)
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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Question
![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 t
nearest cent.)
Face Interest Date of
Value Rate (%)
Note
$350
June 8
Date of
Discount
Sept. 2
Term of
Note (days)
135
Discount
Period (days)
Maturity
Date
-Select-
Discount
Rate (%)
15.5
$
$
Maturity
Value
(in $)
Proceeds
(in $)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F92f0192f-f253-4930-b394-721f7ec35561%2F69d62728-d064-4d5f-a289-93e3e35e7e88%2Fl2h981_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 t
nearest cent.)
Face Interest Date of
Value Rate (%)
Note
$350
June 8
Date of
Discount
Sept. 2
Term of
Note (days)
135
Discount
Period (days)
Maturity
Date
-Select-
Discount
Rate (%)
15.5
$
$
Maturity
Value
(in $)
Proceeds
(in $)
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