Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A 200 day Promissory Note with a maturity payment of $89,000 is sold after 56 days to Biti Bank, which uses a 9.53% per annum

A 200 day Promissory Note with a maturity payment of $89,000 is sold after 56 days to Biti Bank, which uses a 9.53% per annum simple interest rate. Calculate the price that Biti Bank paid for the Promissory Note. Give your answer in dollars and cents to the nearest cent.

P = $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bookkeeping And Accounting For Beginners

Authors: D.K. Livingston

1st Edition

1686248598, 978-1686248597

More Books

Students also viewed these Accounting questions

Question

what is the capital structure of Hewlett Packard and Apple Inc

Answered: 1 week ago

Question

Why are employees considering union representation?

Answered: 1 week ago

Question

What is the total annual turnover rate?

Answered: 1 week ago