Use the ordinary interest method, 360 days, to solve the following word problems. Round to the nearest cent when necessary. Roni Lockard signed a $22,500 simple discount promissory note at the Pacific National Bank. The discount rate was 11%, and the note was made on February 17 (not in a leap-year) for 107 days. What proceeds will Roni receive on the note? What is the maturity date of the note?

Use the ordinary interest method, 360 days, to solve the following word problems. Round to the nearest cent when necessary. Roni Lockard signed a $22,500 simple discount promissory note at the Pacific National Bank. The discount rate was 11%, and the note was made on February 17 (not in a leap-year) for 107 days. What proceeds will Roni receive on the note? What is the maturity date of the note?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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