There are some excellent free personal finance apps available: Mint.com, GoodBudget, Mvelopes, BillGuard, PocketExpense,HomeBudget, and Expensify. After using Mint.com, you realize you need to pay off one of your high interest loans to reduce yourinterest expense. You decide to discount a $5,450, 330-day note at 2% to your bank at a discount rate of 3.5% on day 230. What areyour proceeds?Note: Round your final answer to the nearest whole number.Proceeds

Answered: There are some excellent free personal…

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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There are some excellent free personal finance apps available: Mint.com, GoodBudget, Mvelopes, BillGuard, PocketExpense,
HomeBudget, and Expensify. After using Mint.com, you realize you need to pay off one of your high interest loans to reduce your
interest expense. You decide to discount a $5,450, 330-day note at 2% to your bank at a discount rate of 3.5% on day 230. What are
your proceeds?
Note: Round your final answer to the nearest whole number.
Proceeds

Expert Solution

Step 1

Notes Payable:

Notes payable is one of the financial instruments recorded as the liability in the statement of financial position, It needs to be settled or paid at the time of maturity with the interest calculated till the maturity date. Notes payable should be reported separately from the interest on notes payable.

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