Bank discount what the bank charges for holding a note until the matu rity date, as shown in the formula LO 1 Bank Discount Maturity Value x Bank Discount Rate No of Days Bank Holds Note until Maturity 360 Days...

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Bank discount = what the bank charges for holding a note until the matu rity date, as

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Bank discount = what the bank charges for holding a note until the matu¬ rity date, as shown in the formula:

LO.1

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College Accounting A Practical Approach Chapters 1-26

ISBN: 9780130911421

8th Edition

Authors: Jeffrey Slater

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Question Posted: Jul 01, 2024 03:03 AM

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Proceeds = what one receives from bank in the discounting process (the maturity value minus the bank discount). LO.1
Discount period = number of days from date of discounting until maturity date. LO.1
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Bank discount = what the bank charges for holding a note until the matu rity date, as

Question:

Bank Discount = Maturity Value x Bank Discount Rate No. of Days Bank Holds Note until Maturity 360 Days

Step by Step Answer:

College Accounting A Practical Approach Chapters 1-26

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