Anderson Co. issued a $55,649, 60-day, discounted note to National Bank. The discount rate is 8%....

Question

Question

Anderson Co. issued a $55,649, 60-day, discounted note to National Bank. The discount rate is 8%. At maturity, assuming a 360

Answer 1

Answer #1

Calculate amount paid

Amount paid = Note amount-Discount

= 55649-(55649*8%*60/360)

Amount paid = 54907

So answer is c) $54907

Answer 2

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