Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) Face Discount Date of Term Maturity Date Bank Discount Proceeds Value Rate (%) Note (days) (in $) (in $) $700 12.5 Sept. 6 107 December 23 $ 27 $ 774 Need Help? Read It

Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) Face Discount Date of Term Maturity Date Bank Discount Proceeds Value Rate (%) Note (days) (in $) (in $) $700 12.5 Sept. 6 107 December 23 $ 27 $ 774 Need Help? Read It

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 18E: Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable...

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Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable that were sold without recourse. 1. An 8,000, 60-day, non-interest-bearing note sold after 15 days at 12%. 2. A 9,000, 12%, 60-day note sold alter 30 days at 14% 3. A 6,000, 10%, 90-day note sold after 30 days at 12% 4. A 10,000, 12%, 120-day note sold after 45 days at 15% Determine the proceeds from each of the preceding sales of customer notes receivable. (Assume a 360-day year.)
Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) FaceValue DiscountRate (%) Date ofNote Term(days) MaturityDate Bank Discount(in $) Proceeds(in $) $700 12.2 Sept. 4 107 $ $
Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) FaceValue DiscountRate (%) Date ofNote Term(days) MaturityDate Bank Discount(in $) Proceeds(in $) $71,000 5 May 3 51 $ $
Using ordinary interest, 360 days, calculate the missing information for the simple discount note. (Round dollars to the nearest cent.) FaceValue DiscountRate (%) Date ofNote Term(days) MaturityDate Bank Discount(in $) Proceeds(in $) $19,200 10 June 7 80 ---Select--- January February March April May June July August September October November December $ $
Using ordinary interest, 360 days, calculate the bank discount (in $), proceeds (in $), and effective rate (as a %) for the simple discount note. Round dollars to the nearest cent and round effective rate to the nearest hundredth of a percent. FaceValue DiscountRate (%) Term(days) BankDiscount Proceeds EffectiveRate (%) $6,905 10.49 74
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A $7,000, 4%, 120-day note dated March 20 is discounted on July 15. Assuming a 3% discount rate, the bank discount is: Multiple Choice $1.74 $1.77 $93.33 $70.00
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