Question
On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 90-day note with a face amount of $96,000. Assume a 360-day year.
On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 90-day note with a face amount of $96,000. Assume a 360-day year.
Required:
a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. $________
b. Determine the proceeds of the note, assuming the note is discounted at 8%. $__________
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Management Accounting
Authors: John Burns, Martin Quinn, Liz Warren, João Oliveira
1st Edition
0077121619, 978-0077121617
