Assume that ($ 4,000) cash is borrowed on a ($ 4,000,10 %), one-year note payable that is

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Assume that \(\$ 4,000\) cash is borrowed on a \(\$ 4,000,10 \%\), one-year note payable that is interest-bearing and that another \(\$ 4,000\) cash is borrowed on a \(\$ 4,400\) one-year note that is noninterest-bearing. For each note, provide the following:

a. Present value of the note.

b. Maturity amount.

c. Total interest paid.

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Intermediate Accounting Volume 2

ISBN: 9781618533135

2nd Edition

Authors: Hanlon, Hodder, Nelson, Roulstone, Dragoo

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