When discounted to yield 9.2% compounded quarterly, a $6,600 four-year promissory note bearing interest at 12.6% compounded semiannually was priced at $8,571.44. How long after the issue date did the discounting take place? (Do not round the intermediate calculations. Round your answer to the nearest month.) The discounting took place year(s) and month(s) after issue.
When discounted to yield 9.2% compounded quarterly, a $6,600 four-year promissory note bearing interest at 12.6% compounded semiannually was priced at $8,571.44. How long after the issue date did the discounting take place? (Do not round the intermediate calculations. Round your answer to the nearest month.) The discounting took place year(s) and month(s) after issue.
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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When discounted to yield 9.2% compounded quarterly, a $6,600 four-year promissory note bearing interest at 12.6% compounded semiannually was priced at $8,571.44.
How long after the issue date did the discounting take place? (Do not round the intermediate calculations. Round your answer to the nearest month.)
The discounting took place year(s) and month(s) after issue.
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