The following interest-bearing promissory note was discounted at a bank bythe payee before maturity. Use the ordinary interest method, 360 days, tocalculate the missing information. (Round dollars to the nearest cent.)MaturityFaceInterestDate ofTerm ofMaturityValueValueRate (%)NoteNote (days)Date(in $)$1,2807.9Sept. 13130January21$ 1316.52Date ofDiscountDiscountProceedsDiscountPeriod (days)Rate (%)(in $)Dec. 64611.32$1,397.52

Given: Face value = $1280 Days of note = 130 Interest rate = 7.9%

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 Value Interest Date of Term of Maturity Date Value Rate (%) Note Note (days) (in $) $1,280 7.9 Sept. 13 130 January 21 $ 1316.52 Date of Discount Discount Proceeds Discount Period (days) Rate (%) (in $) Dec. 6 46 11.3 $ 1,397.52

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 Value Interest Date of Term of Maturity Date Value Rate (%) Note Note (days) (in $) $1,280 7.9 Sept. 13 130 January 21 $ 1316.52 Date of Discount Discount Proceeds Discount Period (days) Rate (%) (in $) Dec. 6 46 11.3 $ 1,397.52

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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