Michael Jacobson signed a simple discount note with a face value of $ 8,400 at a discount rate of 15% for four months. Find the proceeds of the note and the effective interest rate. Find the proceeds of the note The effective interest rate is what %

Q: Kylah Enterprises signs a 3-month, noninterest-bearing note with a stated rate of 13.5% and a…

A: Given, Principal =$215,000 Interest =13.5%   Computation of interest =$215,000 * 13.5% *3/12…

Q: An interest-bearing promissory note for $5,500 is due in 180 days with simple interest at 4.75% p.a.…

A: Here, Face value = 5,500 Interest rate = 4.75% Discount rate = 6.75% Time to maturity = 180 days…

Q: Steve Perry borrowed $40,000 at 12% ordinary interest for 60 days. On day 20 of the loan, Steve made…

A: First we need to use ordinary interest formula to calculate interest amount on loan Ordinary…

Q: Mickey Sporn took out a loan for $5,880 at the Linville Ridge Bank for 110 days. The bank uses the…

A: The formula that will be used will be:   loan amount * rate * no. of days/360 = interest   Here loan…

Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual…

A: Journal:Journal is the method of recording monetary business transactions in chronological order. It…

Q: If you sign a discount note for $4,400 at a bank discount rate of 8%, for 90 days, what is the…

A: Effective annual rate is defined as the actual rate that is earned on the investment. It shows the…

Q: Bill deposits $100 into a bank account. His account is credited at a nominal discount rate of 4%…

A: Interest credited to the account of Bill and Cynthia at the end of the year will be $4 and $16…

Q: On March 1, 2015 Mr. A obtains a loan of P1, 500 from Mr. B and signs a note promising to pay the…

A: Note : will answer first question as exact one is not specified. The question is based on the…

Q: Marcela took out a $600 discounted loan with a 4% annual interest rate over a period of 8 months.…

A: Effective annual interest rate is referred as the interest rate which is adjusted for compounding…

Q: Paul and Sandy Moede signed an $7,200 note at Citizen's Bank. Citizen's charges a 2.5% discount…

A: Given data, Face value of Note = $7,200 Bank discount rate = 2.5% Loan is for 320 days Number of…

Q: A merchant buys a bill of goods requiring the payment of $1,500 at the end of 180 days. He is…

A: Cash management involves decision regarding whether, to make early payments to the suppliers and…

Q: You sign a simpie discount promissory note for $7,000 at a discount rate of 5%, for 30 months. What…

A: Given: Discount rate = 5% Amount = $7,000 Period = 30 months

Q: Martinez Sporting Goods borrows $4,500, at 5% interest, for 120 days. Use the exact interest method…

A: Interest amount is the fixed amount that the lender will charge for lending some amount for certain…

Q: You sign a simple discount promissory note for $7,000 at a discount rate of 7%, for 24 months. What…

A: Discount = Amount*Interest rate*Time period/12   Proceeds= Principal Amount- Discount

Q: David obtained an installment loan of $9,600 at 15 percent for 45 months. The balance of the loan…

A: So Details provided are Loan Amount = $9600 Interest Rate = 15%p.a Tenure of the Loan = 45 Months

Q: Use the ordinary interest method, 360 days, to solve the fol problem. Round to the nearest cent when…

A: Interest amount on promissory note = note value (principal) x rate x time /100

Q: You were offered either a simple interest note or a simple discount note with the following terms:…

A: For Simple discount note: Market Value of the note is $33,353 and interest is $3,502.065 Therefore,…

Q: Comet Lee borrowed $16,000 on a 6%, 90-day note. After 20 days, Comet paid $2,000 on the note. On…

A: I = P x R  x T   P = Principal amount R = Rate = 6% T = Period

Q: YVONE trading borrowed Php 200,000 from BLP Rural Bank at 9% discounted rate for one year and six…

A: Borrowed amount (B) = Php 200000 Discount rate (d) = 9% n = 1 year 6 months = 1.5 years

Q: What are the proceeds (in $)?

A: A promissory note is a written form in which one party promises ta pay to other party for some…

Q: Find the discount and proceeds on a $3,240 face-value note for six months if the discount rate is…

A: Net Proceeds: It is the amount received by an individual after deducting a discount and expenses.

Q: nterest , a company that you regularly do business with, gives you a $11,000 note. The note is due…

A:

Q: David makes a sequence of 35 monthly deposits of 645 dollars each into an account paying interest…

A: Nominal rate of interest is the rate of interest expressed in percentage is the amount that is paid…

Q: Paul signed an $8100 note at citizens bank. Citizens bank charges a 6.4% discount assume the loan is…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: Do you have a total credit card debt of $6000 you receive an offer to transfer this debt to a new…

A: Annual Percentage Rate(APR) is the specified rate of interest charged by any of the authorizing…

Q: estanislao open an account in the chase bank with $800 in 6 months the account has $875 how much is…

A: Amount deposited $800 Amount in the account after 6 months $875     Interest amount ($875 -…

Q: Barbara Waters signed a simple discount note for $150,000 for 150 days at a rate of 8%.Find (a) the…

A:

Q: Mike Drago took out a for $3,900 at the Gold Coast Bank for 270 days. If the bank uses the ordinary…

A: Rate of Interest = Amount of Interest / (Principal * time)

Q: James made an initial deposit into an account of $1,000 at time t = 0, followed by five annual…

A: Present Value(PV) refers to current value of amount that is to be paid or received in future. It is…

Q: Rex Corporation accepted a $3,500, 5%, 120-day note dated August 8 from Regis Company in settlement…

A: Notes Receivables - Notes Receivables are the promise to pay money on the specified date with the…

Q: The balance on a credit card, that charges a 20% APR interest rate, over a 1 month period is given…

A: Average daily balance is the average of the monthly expenses   Date No of days Balance…

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

A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…

Q: Campus Flights takes out a bank loan in the amount of $300,000 on March 1. The terms of the loan…

A: Loan: A loan is a kind of debt that may be undertaken by a person or by a business. A quantity of…

Q: Paul and Sandy Moede signed an $7,500 note at Citizen’s Bank. Citizen’s charges a 5.4% discount…

A: a) Bank discount on the loan or maturity value of $7,500 with a rate of 5.4% and time of 270 days is…

Q: The balance on a credit card, that charges a 20% APR interest rate, over a 1 month period is given…

A: Credit card is a facility provided by the credit card companies to its customers in which customer…

Q: Company G borrowed $10,000 on November 1. The note has an interest rate of 8% and a term of 120…

A: Interest Expense = Amount borrowed X Rate of Interest X Number of days/ 360 days

Q: Luke got a $10,400.00 face-value note for 250 days with a discount rate of 8.5%. A)  Find the…

A: The proceeds will be the face value less discount. The APR will be the annualized measure of the…

Q: You were offered either a simple interest note or a simple discount note with the following terms:…

A: a. The computation of effective interest rate when offered simple interest note as follows:   The…

Q: Max Wholesaler borrowed $7,500 on a 8%, 120-day note. After 45 days, Max paid $2,625 on the note.…

A: Intoduction:- A borrower or deposit-taking financial institution pays interest to a lender or…

Q: Kate Davidson signed a simple discount note for $9000 the discount rate is 5% and the term of the…

A: In finance, a simple discount note is a promissory note in which a borrower promises to repay the…

Q: owns a note for 10,000 due in 3 years and 9 months. How much should a buyer pay now for the note…

A: Maturity period (F) = 10,000 Period = 3 Years and 9 Months' Period in quarters (n) = 15 Quarterly…

Q: The balance on a credit card, that charges a 12% APR interest rate, over a 1 month period is given…

A: A credit card refers to a facility provided by banks to its customers that customers can make the…

Q: five year promissory note with a face value of $5000, bearing interest at 6% compounded…

A: To calculate amount to be paid for promissory note first of all we will calculate future price after…

Q: JAB Consulting received a promissory note of $13,500 at 7% simple interest for 15 months from one of…

A: Frist we need to calculate the maturity value of promissory note by using this equation. Maturity…

Q: A note with a face value of BD 2,600 will mature after 3 Years from today is sold to a bank that…

A: Given information is: Face value of Note = BD 2600 Period = 3 years Compound interest rate = 6% Bank…

Q: JAB Consulting received a promissory note of $13,500 at 9% simple interest for 15 months from one of…

A: A promissory note refers to a legal instrument in which the promise is made in writing that the…