The proceeds from the sale of a $4500 five-year promissory note bearing interest at 9% compounded quarterly

Question:

The proceeds from the sale of a $4500 five-year promissory note bearing interest at 9% compounded quarterly were $6055.62. How many months before its maturity date was the note sold if it was discounted to yield 10.5% compounded monthly?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

See More Books

Question Posted: Sep 21, 2024 08:02 AM

See More Questions

Find the extreme values of (x, y) = x 2 + 2y 2 subject to the constraint g(x, y) = 4x 6y = 25. (a) Show that the Lagrange equations yield 2x = 42, 4y = -62. (b) Show that if x = 0 or y = 0, then the...
Elegant Woods manufactures jewelry boxes. The primary materials (wood, brass, and glass) and direct labor are assigned directly to the products. Manufacturing overhead costs are allocated based on...
Pierson Inc. operates a retail operation that purchases and sells snowmobiles, amongst other outdoor products. The company purchases all merchandise inventory on credit and uses a perpetual inventory...
The proceeds from the sale of a $4500 five-year promissory note bearing interest at 9% compounded quarterly were $6055.62. How many months before its maturity date was the note sold if it was...
In your audit of Aviary Industries for calendar year 20X0, you found a number of matters that you believe represent possible adjustments to the company's books. These matters are described below....
The S&P 500 index delivered a return of 20%, -10%, 25%, and 5% over four successive years. What is the arithmetic average annual return per year? Question 5 options: A) 12% B) 15% C) 10% D) 11%
When discounted to yield 10.5% compounded monthly, a $2600 three-year promissory note bearing interest at 12.25% compounded annually was priced at $3283.57. How many months after the issue date did...
A $4000 loan at 7.5% compounded monthly was settled by a single payment of $5000 including accrued interest. Rounded to the nearest day, how long after the initial loan was the $5000 payment made?...
If the nominal rate of interest paid on a savings account is 3% compounded monthly, what is the effective rate of interest paid?
Suppose you wake-up one morning and all news outlets are reporting the following: Congress has just passed & the president has approved legislation that would change the U. S. currency. Now, instead...
Which of the following is clearly an absolute criterion that must be met? Multiple Choice The employee Wellness Center must cost less than $250,000 to build. The band for the picnic should be able to...
Conrad sends his quality control manager to Mexico to ensure the quality of a new manufacturer is meeting specifications. Which risk is Conrad addressing? Question 20 options: Process risk Control...
Exercise 5-4 Allocation of Cost and Workpaper Entries at Date of Acquisition On January 1, 2012, Porter Company purchased an 80% interest in Salem Company for $260,000. On this date, Salem Company...
One World Not Three (OWNT) Relief Fund is an international nonprofit relief agency based in the United States. OWNT recently celebrated its tenth anniversary and is in the middle of trying to expand...
Suppose that the only information we have about a function is that f (1) = 5 and the graph of its derivative is as shown. (a) Use a linear approximation to estimate f (0.9) and f (1.1). (b) Are your...
The cost curve for the city water supply is C(Q) = 16 + 1/4 Q2, where Q is the amount of water supplied and C(Q) is the cost of providing Q acre-feet of water. (An acre-foot is the amount of water...
Why might a company choose to use a limited partnership?
Blue and Grey are discussing how income and losses should be divided in a partnership they plan to form. What factors should be considered in determining the division of net income or net loss?
S. McMurray and F. Kohl share net income and net loss equally. (a) Which account(s) is (are) debited and credited to record the division of net income between the partners? (b) If S. McMurray...
16 of 50 < > -/2E View Policies Current Attempt in Progress In Waterway Company, net income is $285200. If accounts receivable increased $139600 and accounts payable decreased $39900, net cash...
Ruiz Company provides the following budgeted sales for the next four months. The company wants to end each month with ending finished goods inventory equal to 40% of next month's budgeted unit sales....
Saratoga Company manufactures jobs to customer specifications. The company is conducting a time-driven activity-based costing study in its Purchasing Department to better understand how Purchasing...

The proceeds from the sale of a $4500 five-year promissory note bearing interest at 9% compounded quarterly

Question:

Step by Step Answer:

Maturity value PV 1 i n 450 10225 20 ...View the full answer

Business Mathematics In Canada

Students also viewed these Accounting questions