Question
Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 30-day note with a face amount of $63,600.
Proceeds from Notes Payable
On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 30-day note with a face amount of $63,600. Assume a 360-day year.
Required:
a.Determine the proceeds of the note, assuming the note carries an interest rate of 9%.
$
b.Determine the proceeds of the note, assuming the note is discounted at 9%.
$
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Essentials Of Forensic Accounting
Authors: Michael A Crain, William S Hopwood
2nd Edition
1948306441, 978-1948306447
