On February 05, 2020, Janet signed a 5-months Simple Interest Bank Note with a facevalue of $20,000.00 for her business. If therate of the note was 10%, Find:- The maturity value of the note.b- The due date of the noteTRADE DISCOUNT

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Answered: The maturity value of the note. b- The…

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The maturity value of the note. b- The due date of the note TRADE DISCOUNT

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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Question

On February 05, 2020, Janet signed a 5-
months Simple Interest Bank Note with a face
value of $20,000.00 for her business. If the
rate of the note was 10%, Find:
- The maturity value of the note.
b- The due date of the note
TRADE DISCOUNT

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