Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $21,500 simple discount promissory note at a certain bank. The discount rate was 14%, and the note was made on February 11 (not in a leap-year) for 119 days. (a) What proceeds (in $) will Roni receive on the note?

Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $21,500 simple discount promissory note at a certain bank. The discount rate was 14%, and the note was made on February 11 (not in a leap-year) for 119 days. (a) What proceeds (in $) will Roni receive on the note?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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