8 Rex Corporation accepted a $6,000, 9 , 120 day note dated August 8 from Regis Company in settlement of a past bill On October 11, Rex discounted the note at Park Bank at 10 (Use Days in a year table ) a What is the notes maturity value (Use 360 days a year Do not round intermediate calculations Round your final answer to the nearest cent ) Maturity value $ b What is the discount period Discount period days c What is the bank discount (Use 360 days a year Do not round intermediate calculations Round your final answer to the nearest cent ) Bank discount $ d What proceeds does Rex receive (Use 360 days a year Do not round intermediate calculations Round your final answer to the nearest cent ) Proceeds received $

Question

8 Rex Corporation accepted a $6,000, 9 , 120 day note dated August 8 from Regis Company in settlement of a past bill  On October 11, Rex discounted the note at Park Bank at 10   (Use Days in a year table ) a  What is the notes maturity value  (Use 360 days a year  Do not round intermediate calculations  Round your final answer to the nearest cent ) Maturity value $ b  What is the discount period  Discount period days c  What is the bank discount  (Use 360 days a year  Do not round intermediate calculations  Round your final answer to the nearest cent ) Bank discount $ d  What proceeds does Rex receive  (Use 360 days a year  Do not round intermediate calculations  Round your final answer to the nearest cent ) Proceeds received $

Accepted Answer

The Answer is in the image, click to view ...

Question

#8 Rex Corporation accepted a $6,000, 9%, 120-day note dated August 8 from Regis Company in settlement of a past bill. On October 11, Rex

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Deflation Current And Historical Perspectives