Chapter 8 - Simple Interest ApplicationsFind the proceeds and the discount.A 110 day promissory note for $1,300 with interest at 10.89%, issued March 20, 2011 is discounted (sold) on May 14, 2011 at aninterest rate of 10.15%.(The dates must be answered in the following format: January 1, 2012)(Do not include the $ sign when entering money values.)Legal due date =Number of days =Future value =Days left after discount =The sale value (proceeds) =Amount of discount =Check

The promissory note is a debt obigation tobe fullfilled by the debtor…

Answered: I the proceeds anc

Business

Accounting

I the proceeds anc

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.6AP

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