Question
On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $81,600. Assume a 360-day year.
On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $81,600. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $fill in the blank 1
b. Determine the proceeds of the note, assuming the note is discounted at 7%. $fill in the blank 2
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Cost Accounting
Authors: Edward B. Deakin, Michael Maher
3rd Edition
0256069190, 978-0256069198
