A 90-day promissory note was discounted at a rate of 8.5% and the bank proceed received was RM12,000.Compute the maturity value of the note using the Banker's Rule
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- 4. A 90-day promissory note was discounted at a rate of 8.5% and the bank proceed received was RM12,000. Compute the maturity value of the note using the Banker's Rule.Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $115,133 is a. $115,133 b. $8,059 c. $4,030 d. $2,0158. Mellisa received a 160-day promissory note and the note was discounted at a rate of 6%. The proceeds received were RM25,000.Compute the maturity value of the note by using the Banker's Rule.(RM25684.93)
- 8. Mellisa received a 160-day promissory note and the note was discounted at a rate of 6%. The proceeds received were RM25,000. Compute the maturity value of the note by using the Banker's Rule.Reya placed Php 18,000 in a 240 day term deposit earning 8.5% per annum. How much will the bank pay Reya on the maturity date?A. 18,920B. 19,530C. 19,200Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $124,800 is ______ .Round your answer to the nearest whole dollar. a.$2,184 b.$8,736 c.$4,368 d.$124,800
- Brooke Company discounted its own P5, 000,000 one year note at a bank, at a discount rate of 12%, when the prime rate was 10%. In reporting the note in Brooke’s statement of Financial position prior to maturity, what rate should Brooke use for the recording of Interest expense?A 120-day, 10% interest-bearing note receivable is sold to a bank with recourseafter being held for 60 days. The proceeds are calculated using an 8% interest rate. In this situation,what happened to the notes receivable?2. A debt of RM480 was repaid with a check for RM498. If the interest rate was 7.5%, for how long was the money borrowed.
- A 102-day note for $85 bears simple interest at 4.5% and is sold 22 days before maturity to a bank that uses a simple interest rate of 8%. What are the proceeds?A bank offered a 1-year loan to a commercial customer. The instrument is a discounted note with a nominal rate of 13%. What is the effective interest rate to the borrower? 13.20% 14.94% 12.00% 10.71% 13.64%C company discounted its own 250,000 one year note at a bank, at a discount rate of 12% when the prime rate was 10%. In reporting the note in the Statement of Financial Position prior to maturity, 1.what rate should C company use for the recording of interest expense? 2. The journal entry to record the transaction will include a a. Debit to Cash for 250,000 b. Debit to Cash for 220,000 c. Debit to discount on notes payable, 40,000 d. Credit to notes payable, 220,000