Personal Finance Tax Update
Personal Finance Tax Update
13th Edition
ISBN: 9780357438947
Author: E. Thomas Garman; Raymond Forgue
Publisher: Cengage Learning US
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Chapter 6.2, Problem 2CC
Summary Introduction

To Explain: Borrower’s feeling when debt rate range increases from 11-14% to 15-18%.

Introduction:Credit describes a system in which goods, services, or money is taken in exchange for promise to repay at future date. Credit is relation of trust established between a lender and a borrower.

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The maturity value of an $35,000 non-interest-bearing, simple discount 4%, 120-day note is:
Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms: $18,905 at 10% for 4 years. Use ordinary interest as needed. Calculate the simple interest note proceeds.   Calculate the simple discount note proceeds.
What you're solving for    Solving for maturity value, discount period, bank discount, and proceeds of a note.        What's given in the problem    Face value: $55300 Rate of interest: 10% Length of note:   95 days Date of note: August 23rd Date note discounted: September 18th   Bank discount rate:9 percent
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