bank discount 120 day note with a face value of P7,000 comes due on June 1st. The owner of the note holds it for only 20 days before having it discounted at a bank which discounts at a rate of 11 %. What amount does the owner get from the bank after 20 days

Q: On April 26, two notes are discounted at the same rate t .The face of the first note is $7370 with a…

A: A note is a financial instrument that promises to pay a certain sum of money to the holder at the…

Q: A 102-day note for $85 bears simple interest at 4.5% and is sold 22 days before maturity to a bank…

A: Notes Receivables: It is possible to get a note receivable by writing a promise to receive a…

Q: On October 31, Sarah Willis borrowed $5,600 from the Vestal Central Bank. She gave the bank her…

A: The question is based on the concept of discounting notes. Notes are a debt financial arrangement…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: compute the proceeds that R receives on note: Bank discount=MV×Bank discount rate×Discount…

Q: A bank charges 1 ½% per month on the unpaid balance for purchases made with its credit card. This is…

A: The equivalent effective annual rate can be calculated through the compounding interest formula. The…

Q: On September 30, 22, Choco Lanay Company discounted at the bank a customer's P1,750,000 6 month 12%…

A: Note receivable can be converted into cash by selling them to a financial institution at a discount.…

Q: 6%, 110-days note dated 31 August 2019 has a maturity value of RM4,073.33. On 12th October 2019, the…

A:

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: Frist we need to calculate the bank discount by using this equation  Bank discount =Maturity…

Q: Roni Lockard signed a $28,500 simple discount promissory note at a certain bank. The discount rate…

A: Maturity date of notes receivable is calculated on the basis of the wordings in the note. If it is…

Q: Roni Lockard signed a $26,500 simple discount promissory note at a certain bank. The discount rate…

A: Discount note: Selling the note with discount value which means less than the face value.

Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…

A: Amount of cash received = Face value of the Note - Discount amount where, Discount amount = Face…

Q: A 2300 note with interest is repaid after 90 days with a check for 2,374.75 What was the interest…

A: Interest Amount = P * R * TWhere P = PrincipalR = Rate of InterestT = Time Period…

Q: On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September…

A: Discounting of notes receivable is a technique where in a business entity discounts its note…

Q: how much money is requested from the bank if the simple interest rate is 9.766% a. 36,857.114 b.…

A: Simple interest refers to the amount paid by the borrower to bank on the amount borrowed at a fixed…

Q: You decide to discount a$5250, 345-day note at 3% to your bank at a discount rate of 4.5% on day…

A: Calculation of Proceeds:Assuming there are 360 days in a year.The proceeds are $5,309.80.Excel…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: The promissory note is a legal instrument that is written by one party to another by making a…

Q: 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie…

A: Notes are issued at the discount and this discount is interest on the note and proceed from note is…

Q: On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on September…

A: Introduction: Accounts payable are a company's liabilities to its suppliers or other third parties.…

Q: On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts…

A: Computation of interest as follows RO 2000 * 10% * 6/12 = RO 100

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.…

Q: On july 31, 2020, Clear company discounted at the bank a customer's P 600,000 interest-bearing note,…

A: Maturity Value = Principal + (Principal * Rate * Time) = P 600,000 + (P 600,000 * 0.10 * 6/12) = P…

Q: On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts…

A: Interest on note receivable shall be calculated from date of issuance till date of maturity.

Q: Theta Corporation receives checks from its customers. The total check value averages P700,000 each…

A: Benefit or cost to be calculated on yearly basis, which means we have now received early and we can…

Q: On June 30, 2020, Dive Company discounted at the bank a customer's P6,000,000, 6-month, 10% note…

A: Solution 1: Maturity value of note = P6,000,000 + P6,000,000*10%*6/12 = P6,300,000 Net proceeds from…

Q: A consumer gave ABS-CBN COMPANY a one-year, $500,000 note with an annual interest rate of 8%.…

A: Discounting appears to be the process of transferring or releasing a customer's notes receivable to…

Q: On June 1, Mickey Mouse Corporation accepted a customer's P10,000, 9 percent, 3-month note. On July…

A: Total maturity value of Notes = Principal + interest = P10,000 + 10000*9%*3/12 = P10,225

Q: The face value of a simple interest note and bank discount note is $8,000each. Assume both notes…

A: “Hey, since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: A note that is dated January 1st with a face value of P5000 comes due on March 15th with interest at…

A: Formula: Interest amount = Face value of bond x Interest rate x Time period.

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Discounted period for the bank is the difference between the total duration and days spent from the…

Q: A bank wishes to earn a 17% simple interest in discounting notes. If the term of the discount is 3…

A: Simple Interest: When the interest on the borrowed amount is computed on the principal at the loan…

Q: 15. On September 15, the company received a P180,000 6% 180-day note. This was discounted to the…

A:

Q: A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note…

A: Note: All the Given Options are incorrect as per the details mentioned in the question. So we will…

Q: On June 29, a retailer buys goods worthy P3,000. To take advantage of a 5% cash discount, the…

A: Calculations are as follows.

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Given data, Date of note = July 14th Lenght of note = 50 days date note discounted on = August 5

Q: A note that is dated January 1st with a face value of P5000 comes due on the owner of the note sells…

A: Discount in credit terms is a method utilized to understand receivables for deal with cash flow…

Q: Use the ordinary interest method, 360 days, to solve the following word problem. Round to the…

A: Given, Simple discount amount = $28,500 Discount rate = 13% Note was made for = 116 days

Q: On October 31 2022. BB Company discounted at the bank a customer's P600,000 interest-bearing note, 6…

A: Maturity value of the Note = Face value of the Note + Interest on the note where, Interest on the…

Q: On December 15, FDN Trading signed a P120,000, 4 percent, 120-day note payable with the bank. The…

A: Financial markets are venues where individuals and businesses may purchase and sell assets such as…

Q: On March 31, Dower Publishing discounted a $30,000 note at a local bank. The note was dated February…

A: Notes receivable: Notes receivable denotes a long-term asset that describes the amount to be…

Q: On January 10th a bank sold a P100,000 certificate of deposit to mature on March 10th and bear…

A: 1. Certificate of Deposit is held for 2 month from January 10 to March 10. 2. Interest rate 5% is…

Q: Cook and Daughters Farm Equipment accepts a $5800 simple interest note at 12%, for 100 days, for a…

A: The note was issued on May 12. The note period is 100 days. The note was discounted on June 17.…

Q: Calculate the discount period for the bank to wait to receive its money: (Use Days in a year table):…

A: Days the note has remained outstanding is 20 days ((30 days-12 days) + 2 days).

Q: A debtor owes $3,675 on August 24th. The Note Holder sells the Note to a THIRD PARTY on May 17th,…

A:

Q: On June 04, FDN Company sold merchandise to ABC Company and accepted a 90-day, 12% P90,000 note.…

A: calculation of cash received upon discounting are as follows

Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…

A: Formula: Discount amount = face value amount x Discount rate

Q: Misk, Inc. received from a customer a one-year, $750,000 note bearing annual interest of 9%. After…

A: Note Receivable is an asset for the firm that the account receivable would settle their account on…

Q: On the 1st of March,a Note with a due date on March 31 is replaced by another one with a new due…

A: Discounting charges are the charges paid by the note holder to encash it before maturity date. It is…

Q: Mr. Mohammed accepted a bill of exchange for OMR 5,000 and the term of the bill being 3 months. He…

A: Bill of exchange is instrument that binds a person or party to compensate a certain amount to the…

Q: A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note…

A: A promissory note refers to  a financial instrument which contains a promise that one party will pay…