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

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Compute the maturity value as indicated for each of the following notes receivable. (Use 360 days for calculation.) 1. An $8,500, 8%, 3-month note dated April 20. Maturity value $ 2.A $28,500, 8%, 72-day note dated March 5. Maturity value $ 3.A $13,400, 6%, 30-day note dated September 10. Maturity value $ 4. A $6,400,7%, 6-month note dated November 15. Maturity value $
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.) Face Interest Value Rate (6) $1,200 Need Help? Read Date of Note Date of Discount Dec. 7 Term of Note (days) 130 Discount Period (days) Maturity Date Seled Discount Rate (6) LEA Maturity Value (in $) Proceeds (in 5)
Note Receivable Hasty and Tasty Foodservice received a 120-day, 8% note for $48,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
On June 3, 20X1, Georgia State Company received a $10,400, 45-day, 10 percent note from Sampson Byrd, a customer whose account was past due. The note was discounted on June 18, 20X1 at the Georgia State Bank and Trust. The bank charged a discount rate of 12 percent. Required: Prepare the entry required by Georgia State when Sampson Byrd paid the discounted note on the maturity date. View transaction list Journal entry worksheet 1 Record entry for Sampson Byrd note discounted. Note: Enter debits before credits. Date July 18, 20X1 General Journal Debit Credit Record entry Clear entry View general journal
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Use 360 days for interest calculation. Round to the nearest dollar.) Date ofNote Principal InterestRate Term a. August 5 $6,000 8% 190 days b. May 10 16,800 7% 160 days c. October 20 24,000 9% 115 days d. July 06 4,500 10% 130 days e. September 15 9,000 8% 145 days Maturity Date Month Day Interest a. Answer Answer Answer b. Answer Answer Answer c. Answer Answer Answer d. Answer Answer Answer e. Answer Answer Answer PreviousSave AnswersFinish attempt ...
Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and effective rate (as a %) for the simple discount note. Round dollars to the nearest cent and round effective rate to the nearest hundredth of a percent. FaceValue DiscountRate (%) Term(days) BankDiscount Proceeds EffectiveRate (%) $6,805 10.19 71 $ $ %
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.) Face Value Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $) $750 141 June 9 135 ---Select--- * $ 794.96 2 Date of Discount Discount Period (days) Sept. 5 × Discount Rate (%) 15.5 $ tA Proceeds (in $)
Entries for Notes Receivable Valley Designs issued a 90-day, 6% note for $48,000, dated April 17, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. b. Determine the maturity value of the note.$ c. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) Discount Date of Maturity Date Bank Discount Proceeds Face Value Term Rate (%) Note (days) (in $) (in $) $73,000 5 May 5 51 --Select--- 2$ $
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Anderson Co. issued a $57,329, 60-day, discounted note to National Bank. The discount rate is 9%. At maturity, assuming a 360-day year, the borrower will pay
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Maker Date ofNote Principal InterestRate Term Maple November 21 $180,000 6% 120 days Wyman December 13 140,000 7% 90 days Nahn December 19 210,000 5% 60 days Maple: Answer Wyman: Answer Nahn: Answer

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