Question
A holder of a $9000, 7%, 210-day note dated June 8 decides to sell the note at a discount based on ordinary interest. The note
A holder of a $9000, 7%, 210-day note dated June 8 decides to sell the note at a discount based on ordinary interest. The note is sold on July 18 at a discount of 12% using the banker's rule. Find the proceeds.
Select one:
a. $8836.68
b. $8833.55
c. $8770.64
d. $9057.85
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Financial Accounting And Reporting
Authors: Mr Barry Elliott, Jamie Elliott
10th Edition
0273703641, 978-0273703648
