On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 90-day note with a face amount of $73,200. Assume a 360-day year.
a. Determine the proceeds of the note, assuming
the note carries an interest rate of 9%.
$
b. Determine the proceeds of the note, assuming
the note is discounted at 9%.
$
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Please find below the answer | |
Statementshowing Computations | |
Paticulars | Amount |
a) Since the note is not discounted proceeds of the note are | 73,200.00 |
b) | |
Discount on note = 73,200*90/360*9% | 1,647.00 |
Proceeds from issue of note = 73,200 - 1647 | 71,553.00 |
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