Sarah discounted a bill of exchange amounting to OMR 12,000 having a term of 6 months. She discounted the bill with bank immediately for a bank discount of 15%.
Q: 1) Ms. Smith borrowed P125,000 at 11% stated rate of interest and was to pay back the loan in 24…
A: Part 1: Borrowed Amount = P125,000 Interest Rate = 11% Time period = 24 months
Q: Kent borrowed $6,500 on January 11 at 12.5% exact interest. He made payments of 1,000on February 16,…
A: Payoff amount means the remaining amount for payment of the loan which was borrowed by the…
Q: Mellisa received a 160-day promissory note and the note was discounted at a rate of 6%. The proceeds…
A: Discount rate= 6% Term= 160 day= 160/360= 0.44444 Proceeds= RM25,000 Maturity Value=?
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: 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: On September 1, 2022, Darren Co. borrowed P150,000 from BPI by issuing 8% note due August 31, 2023,…
A: Note: Interest amount should be recognized on the amount borrowed. Accounts receivables pledged as…
Q: a man borrowed P2000.000 from a bank and promised to pay the amount for 1 year. He received only the…
A: We can calculate interest rate by using simple interest formula Simple interest =Principal*Rate*Time
Q: 5. Homer borrowed P1,340 from a credit cooperative and promised to pay back P1,500 after nine…
A: Borrowed amount (P) = P 1340 Pay back amount (F) = P 1500 Period (n) = 9 Months = 9/12 = 0.75 Year
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: On September 1, 2021, Middleton Corp. lends cash and accepts a $10,000 note receivable that offers…
A: Interest revenue Middleton Corp. will report during 2022 = Face value of note receivable x rate of…
Q: Zelda borrowed R5760,00 from a bank for 21 months. For the discount loan she only received…
A: In this we have to calculate present value on based on discount rate.
Q: Sol Sib borrowed P14,000 for 10 months from a rural bank. The banker discounts the note at 8%, Find…
A: The Discounting is one of popular technique if one wants early payment. But the person will not get…
Q: Zuraisya borrows RM9000 for 4 months from a lender who charges a discount rate of 59 Find: a) the…
A: The answer is stated below:
Q: bank discount 120 day note with a face value of P7,000 comes due on June 1st. The owner of the note…
A: Here owner discount the 120 day note after 20 days. The bank will discount note for 100 days We…
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: A credit card holder purchased an item P6,000 on credit with a monthly interest rate of 3% and 5%…
A: To find the remaining balance we need to subtract the amount that is paid and it will be paid on the…
Q: A man borrowed from a bank with a promissory note that he signed in the amount of P25000 for a…
A: The following information has been provided in the question: Amount of promissory note = P25000…
Q: On July 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie…
A: In simple discount note, bank discount is the interest that bank deducts in advance. The amount due…
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: 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: Stacy borrowed $2700 from the bank for 9 months. The bank discounted the loan at 3.1%. How much was…
A:
Q: Find the new balance, assuming that the bank charges 1 1/2 % per month on the unpaid balance. (Round…
A: Credit financing refers to the service that provides the facility to the buyers to buy things. In…
Q: Pamela borrowed $18,000 for investment purposes on March 12 on a demand note providing for a…
A: Here, Borrowed Amount is $18,000 on March 12 Payment of $1,780 on June 17 Payment of $1,810 on…
Q: Mr. Ahmed accepted a bill of exchange for OMR 12,000 and the term of the bill being 6 months. He…
A: Bill of exchange means an instrument where the drawer draw the bill and after accepted by acceptor ,…
Q: Collin borrowed $2100 from the bank for 21 months. The bank discounted the loan at 2.5%. How much…
A: Interest = Principal * Rate of Interest Amount received from Bank = Amount - Interest Interest =…
Q: A bank offers a loan that will requires you to pay 8% interest compounded semiannually. Which of…
A:
Q: A person wishes to get 800$ at the end of second year and 900$ at the end of fifth year, if rate of…
A: The question is based on the concept of calculating the present value of expected future cash flows…
Q: On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of…
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: 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: Mr. Ahmed accepted a bill of exchange for OMR 3,000 and the term of the bill being 6 months. He…
A: Formula: Bank discount amount = Bill of exchange x Interest rate x Time period. Multiplying bill of…
Q: Barry has applied for a loan in the amount of $10,500. A bank figures that Barry will repay the loan…
A: Loan amount = $10500 Probability of repayment = 0.93 Probability of default = 0.07 Let the interest…
Q: Ms. Glydel Marquez borrowed money from a bank. She received from the bank Php1,342 and promised to…
A: In this we have determine the simple interest rate and discount rate.
Q: Ms. Kim borrowed an amount from a bank but she only recieved from the bank P1,340. She promised to…
A: Actual amount received = P 1340 Discount rate = 13.73%
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: Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash…
A: The calculation of actual interest rate on the note is shown hereunder : Interest cost RO 400 Cash…
Q: Zuraisya borrows RM9000 for 4 months from a lender who charges a discount rate of 5%. Find: a) the…
A: a. Discount rate: the discount rate is a rate on which the bank charges interest. In other words,…
Q: A debtor owes $3,675 on August 24th. The Note Holder sells the Note to a THIRD PARTY on May 17th,…
A:
Q: Aray Foger borrowed $7,000 or 60 days at 7%. On day 20, Aray made an $800 partial payment. On day…
A: Interest refers to the amount charged by the lender on the lent amount. The borrower of the loan is…
Q: On April 12, Michelle Lizaro borrowed $5,000 from her credit union at 9% for 80 days. The credit…
A: Interest = Principal * rate * time where, Principal = $5,000 rate = 9% time = 80 days
Q: a) How much did the woman pay for the use of the money? b) Determine the amount she repaid to the…
A: Simple interest is the amount of interest that a borrower pays on the loan acquired by him or her…
Q: Raymond borrowed GH¢1000 on Jan 15, 1995, at 16%. He paid $350 on April 12, 1995. GH¢20 on August…
A: The borrowing amount needs to apply interest over the period of time. This is known as the cost of…
Q: Mr. Ahmed accepted a bill of exchange for OMR 3,000 and the term of the bill being 6 months. He…
A: A bill of exchange is a written order that binds one party to pay a fixed sum of money to another…
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…
Q: Slingerland borrowed $7,000 on July 20 at 11% interest. If the loan was due on October 15, what was…
A: Given information : Borrowed amount = $7000 Borrowed date = July 20 Rate of interest = 11% Due date…
Q: Mr. X lends $20,000 to Mr. Y on May 6, 2021. A promissory note is written by Mr. Y at a simple…
A: Promissory note is a negotiable instrument which creates the obligation to pay on one party and…
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- A debit order of R1500 for payment of rates will appear in ____________during the bank reconciliation processCalculate the bank discount and proceeds for the following simple discount notes. Usethe ordinary interest method, 360 days, when applicable.Face Value Discount Rate (%) Term Bank Discount Proceeds$4,500 13 6 months $292.50 $4,207.50if a bank quotes usd/jpy at 105.24-25, and an individual wishes to buy JPy, what is the corret price 105.25 105.245
- A ____ is an interest-bearing checking account. Group of answer choices NOW account certificate of deposit Treasury bill regular checking account Series EE US savings bondA loan of 15700 was charged a simple discount rate of 4.2%. If the proceeds received were 15463.72, find the amount of bank discount. Hence, find the discount period in days.Company X has trade credit policy 1/10 N45. If you can borrow from a bank at 9,5% annual rate, would it be beneficial to borrow money and pay off invoices earlier?
- Use T-accounts to show the impact of deposits withdrawals of 350 million from DIs on balance sheets of customers, the Central bank and DIs, monetary base and money stock if required reserves ratio is 0.1, excess reserves ratio is 0.05 and currency ratio is 0.10.Calculate the cash discount and the net amount due the transaction (in $). Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $15,660.00 2/10, n/45 $ $As a company accounts payable manager, which of the following credit terms are most likely to entice you to take the cash discount? A. 2/10 net 90 B. 1/10 net 45 C. 2/10 net 60 D. 1/10 net 30
- Show the Bank’s balance sheet if the Bank purchases liabilities to offset a net deposit drain of $10 million (required reserves ratio 7%):Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $7,010.20 4/10, n/30 $ $37) Joe discounted a bill of exchange face value OMR 6,000 with the bank, and bank charged a discount of OMR 300.What is the journal entry in the books of the bank?