asap pls 1. A bank loan of Php1,900 is discounted at 11 % . If the loan isdue in 120 days, how much is the proceeds?2. What is the maturity value of a note that is discounted at 8% for126 days if thpienakeisreceives Php20,023.20 as proceeds?3. A note having a face value of Php16,000 was discounted at 8%. Ifthe discount was Php896, find the term of the loan in days.4. A savings bank wishes to earn 17% simple interest in discountingnotes. If the term of the discount is 32уears,what simplediscount rate should be used?

Answered: 1. A bank loan of Php1,900 is…

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1. A bank loan of Php1,900 is discounted at 11 % . If the loan is due in 120 days, how much is the proceeds?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Concept explainers

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.

Question

asap pls

1. A bank loan of Php1,900 is discounted at 11 % . If the loan is
due in 120 days, how much is the proceeds?
2. What is the maturity value of a note that is discounted at 8% for
126 days if thpienakeisreceives Php20,023.20 as proceeds?
3. A note having a face value of Php16,000 was discounted at 8%. If
the discount was Php896, find the term of the loan in days.
4. A savings bank wishes to earn 17% simple interest in discounting
notes. If the term of the discount is 32
уears,
what simple
discount rate should be used?

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