Question
Proceeds from Notes Payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $225,000.
Proceeds from Notes Payable
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $225,000. Assume a 360-day year.
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 For Business
Authors: Colin Drury, Mike Tayles
8th Edition
1473778808, 978-1473778801
