Question
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $69,600. Assume 360 days in
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $69,600. Assume 360 days in a year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. fill in the blank 1 of 2$
b. Determine the proceeds of the note, assuming the note is discounted at 8%.
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Accounting An Introduction
Authors: Eddie McLaney, Peter Atrill
2nd Edition
0273655507, 978-0273655503
