Question
16. Equity Financial Corp. discounted the following two interest-bearing notes. Compute the missing information (use a 360-day year). a. Face Value $6,800 b. Face Value
16. Equity Financial Corp. discounted the following two interest-bearing notes. Compute the missing information (use a 360-day year).
a. | Face Value | $6,800 | b. | Face Value | $3,000 |
| Date of Note | April 16 |
| Date of Note | October 28 |
| Interest Rate | 10% |
| Interest Rate | 9% |
| Time to Run | 105 days |
| Time to Run | 45 days |
| Discount Date | May 31 |
| Discount Date | November 12 |
| Discount Rate | 15% |
| Discount Rate | 12% |
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| Interest Amount |
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| Interest Amount |
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| Maturity Value |
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| Maturity Value |
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| Maturity Date |
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| Maturity Date |
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| Days of Discount |
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| Days of Discount |
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| Discount Amount |
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| Discount Amount |
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| Proceeds |
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| Proceeds |
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