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A promissory note is written by Mr. Y at a simple interest rate of 9%, with a due date of October 6, 2021. The maturity value of the note is $20,769.32. The note was sold by Mr. X on June 26, 2021 to Mr. C who discounts the note at a simple discount rate of 8%.
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $45,600. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. b. Determine the proceeds of the note, assuming the note is discounted at 10%.
JAB Consulting received a promissory note of $14,500 at 7% simple interest for 15 months from one of its customers. After 6 months, Grove Isle Bank discounted the note at a discount rate of 4% Calculate the proceeds (in $) that JAB Consulting will receive from the discounted note. (Round your answer to the nearest cent.)
Brandi Lee signed a $30,000 simple discount promissory note at the Signature Bank. The discount rate was 13% ordinary interest, and the note was made on August 9 for 95 days. a. What proceeds did Brandi receive on the note? b. What was the maturity date of the note? c. What was the effective interest rate of the note?
A: Note Payable: A Note payable is a written promissory note which represents a specific amount of cash… Question A five year promissory note with a face value of $5000, bearing interest at 6% compounded semi-annually, was sold 18 months after its issue date to yield the buyer 4% compounded quarterly.
A: The promissory note refers to a debt instrument that is issued by a person who writes a note by… Q: Mr. Navarro received a loan with maturity value of 811,000 at a discount rate of 11.22 % for 11…
Barton Chocolates used a promissory note to borrow $1,000,000 on July 1, 2015, at an annualinterest rate of 6 percent. The note is to be repaid in yearly installments of $200,000, plusaccrued interest, on June 30 of every year until the note is paid in full (on June 30, 2020).
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)
When the due date for a promissory note is stated in terms of days, to determine the maturity date we have to exclude. a. The date when the note is issued b. The date when the account receivable did not make payment c. The date of issue of the note and the Due date d. The date when the note will become due Clear my choice
A man possesses a promissory note, due 3 years hence, whose maturity value is P6,700.48. If the rate of interest is 10% compounded semi-annually, what is the value of this note now?