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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text: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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