College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
Principal plus interest equals ______ of a note.
- (a) discount
- (b) net proceeds
- (c) interest rate
- (d) maturity value
Identify the option that equals principle plus interest equals of a note.
Promissory note:
Promissory note is the written to make payment for a particular sum at a definite future date.
Justification for the incorrect options of (a), (b) and (c):
Discount, net proceeds and interest rate does not equal to the principal plus interest of the note. Therefore, these are incorrect options.
Justification for correct option (d):
The principle value of the note including the interest equals the “maturity value of the note”...
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