The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Value Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $) $750 141 June 9 135 ---Select--- * $ 794.96 2 Date of Discount Discount Period (days) Sept. 5 × Discount Rate (%) 15.5 $ tA Proceeds (in $)
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Value Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $) $750 141 June 9 135 ---Select--- * $ 794.96 2 Date of Discount Discount Period (days) Sept. 5 × Discount Rate (%) 15.5 $ tA Proceeds (in $)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 2P
Question
![The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary
interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)
Face
Value
Interest
Rate (%)
Date of
Note
Term of
Note (days)
Maturity
Date
Maturity
Value
(in $)
$750
141
June 9
135
---Select--- *
$ 794.96
2
Date of
Discount
Discount
Period (days)
Sept. 5
×
Discount
Rate (%)
15.5
$
tA
Proceeds
(in $)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6f8e5346-a05f-464a-a570-52c9d6cdaef8%2F89c8a440-830d-4c07-860f-06a4cf7677ef%2F9f8w3r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary
interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)
Face
Value
Interest
Rate (%)
Date of
Note
Term of
Note (days)
Maturity
Date
Maturity
Value
(in $)
$750
141
June 9
135
---Select--- *
$ 794.96
2
Date of
Discount
Discount
Period (days)
Sept. 5
×
Discount
Rate (%)
15.5
$
tA
Proceeds
(in $)
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