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 Value Face Interest Term of Maturity Date Date of Value Rate (%) Note Note (days) (in $) 11 $250 June 5 135 ---Select--- $ Date of Discount Discount Proceeds Discount Period (days) Rate (%) (in $) Sept. 7 12.5
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 Value Face Interest Term of Maturity Date Date of Value Rate (%) Note Note (days) (in $) 11 $250 June 5 135 ---Select--- $ Date of Discount Discount Proceeds Discount Period (days) Rate (%) (in $) Sept. 7 12.5
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 2P
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