Answered step by step
Verified Expert Solution
Question
1 Approved Answer
on July 18, mikes mini mart issued a $35,000, 180 day, 6% promissory note to purchase a new walk in refrigerator. on oct 16, 90
on July 18, mikes mini mart issued a $35,000, 180 day, 6% promissory note to purchase a new walk in refrigerator. on oct 16, 90 days after accepting the note, he needed cash, so he endorsed the notes and transferred it to his bank. his bank charges a discount rate of 8%. how much cash will he receive from the bank.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started