Question
On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $82,800. Assume a 360-day year.
On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $82,800. Assume a 360-day year.
Required:
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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Accounting An Introduction
Authors: Atrill Peter, Eddie McLaney
6th Edition
0273771833, 978-0273771838
