On July 1, 2020 Trolley & Train World borrowed money from First Friendly National Bank by issuing a $25,000, 90 day, non-interest bearing note. The note was discounted to 14%. Required: Compute the following: Use 360-days in a year. 1. How much money did Trolley and Train World receive? 24,125 2. What was the total amount of interest paid? 875 3. What is the effective 90 day interest rate on this note? Round percentage to two decimals. 3.63 % 4. What is the approximate annual effective interest rate on this note payable? Round your intermediate calculation to four decimal places and your final answer to two decimal places.

On July 1, 2020 Trolley & Train World borrowed money from First Friendly National Bank by issuing a $25,000, 90 day, non-interest bearing note. The note was discounted to 14%. Required: Compute the following: Use 360-days in a year. 1. How much money did Trolley and Train World receive? 24,125 2. What was the total amount of interest paid? 875 3. What is the effective 90 day interest rate on this note? Round percentage to two decimals. 3.63 % 4. What is the approximate annual effective interest rate on this note payable? Round your intermediate calculation to four decimal places and your final answer to two decimal places.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...

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