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All of the answers entered are incorrect Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case,
All of the answers entered are incorrect
Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar) Note Rate 1 2 3 4 Note Face Value Date of Note s 52,000 3/31/2021 52,000 331/2021 52,000 3/31/2021 120,000 6/30/2021 120,000 6/30/2021 120,000 8/30/2021 Interest Date Rate Discounted 8% 6/30/2021 8% 9/30/2021 8% 9/30/2021 10/31/2021 6% 10/31/2021 6% 11/30/2021 Discount Proceeds Received 10% s 52,520 10% 53,820 18% 53.170 10% 121,800 15% 120.600 10% 122.600 5 6 Step by Step Solution
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