on August 15 Sheffield Company discounted at sunshine bank a $8,500 (maturity value), 130- day note...
Homework Answers
Difference between dates August 15 and May 13 = 08/15 - 05/13 = 94 days
Days left in the Note = 130 days - 94 days = 36 days
The Proceeds the company will receive = Maturity Value - Maturity Value * Rate of interest * 36 / 360
The Proceeds the company will receive = 8500 - 8500 * 0.10 * 36 / 360
The Proceeds the company will receive = $8500 - $85
The Proceeds the company will receive = $8415
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on August 15 Sheffield Company discounted at sunshine bank a
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