Question
On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $45,600. Assume a 360-day year.
On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $45,600. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
b. Determine the proceeds of the note, assuming the note is discounted at 6%.
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Financial accounting
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
9th edition
978-0132751216, 132751127, 132751216, 978-0132751124
