A 216-day, 6% promissory note with a face value RM6000 was discounted 76 days before the maturity date at 4.5% discount rate. If the date of the note was 4h June 2020. Using Banker's Rule. No use excel. Calculate d) The amount of proceeds (RM6154.02) e) The amount of discount (RM59.02)
A 216-day, 6% promissory note with a face value RM6000 was discounted 76 days before the maturity date at 4.5% discount rate. If the date of the note was 4h June 2020. Using Banker's Rule. No use excel. Calculate d) The amount of proceeds (RM6154.02) e) The amount of discount (RM59.02)
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.1BE: Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a...
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2. A 216-day, 6% promissory note with a face value RM6000 was discounted 76 days before the maturity date at 4.5% discount rate. If the date of the note was 4h June 2020. Using Banker's Rule. No use excel. Calculate
d) The amount of proceeds (RM6154.02)
e) The amount of discount (RM59.02)
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