Proceeds from notes payable On January 26, Nyree Co. borrowed cash...
Proceeds from notes payable

On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $64,800. Assume 360 days in a year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%.

b. Determine the proceeds of the note, assuming the note is discounted at 5%.

Question

19-06-2024
Business

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Proceeds from notes payable On January 26, Nyree Co. borrowed cash...
Proceeds from notes payable

On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $64,800. Assume 360 days in a year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%.

b. Determine the proceeds of the note, assuming the note is discounted at 5%.

Sagot :

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