On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $50,400
Proceeds from Notes Payable
On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $50,400. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%
b. Determine the proceeds of the note, assuming the note is discounted at 7%.
Homework Answers
| Answer | ||
| a | ||
| Proceeds of the note | $ 50,400 | |
| b | ||
| Proceeds of the note | $ 49,518 | 50400-(50400*7%*90/360) |
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On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $50,400
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