Question
Mark holds a 7-month note of P60,000 at 6 3/4% which will mature on August 31, 2020. He sold it to a bank on April
Mark holds a 7-month note of P60,000 at 6 3/4% which will mature on August 31, 2020. He sold it to a bank on April 10, 2020 at an 8% discount rate.
a) Find the Date of the Note
b) How much is the maturity value?
c) How much is the Interest?
d) What is the term of the Discount?
e) How much is the Discount?
f) How much is the proceeds?
e)
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Auditing And Assurance Services An Integrated Approach
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley
11th Edition
0131867121, 978-0131867123
