Question
On January 1, 2014 The Blue Taco loaned 100,000 to an employee, principle and interest (10%) due in one year. However, the firm needed the
On January 1, 2014 The Blue Taco loaned 100,000 to an
employee, principle and interest (10%) due in one year.
However, the firm needed the money sooner, so they
sold the note to a bank on November 1. The bank
discounted the note at 15%.
a. How much interest did the firm accrue, if any?
b. How much did the bank pay for the note?
c. What loss or gain did the firm record, if any?
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A Communication Audit Handbook Helping Organizations Communicate
Authors: Seymour Hamilton
1st Edition
0801300614, 978-0801300615
