Question
On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $40,800. Assume a 360-day year.
On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $40,800. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. $fill in the blank 1 b. Determine the proceeds of the note, assuming the note is discounted a 10%.
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Cornerstones of Managerial Accounting
Authors: Mowen, Hansen, Heitger
3rd Edition
324660138, 978-0324660135
