FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your friend signs a promissory note for $2,000 for 30 days with a rate of 2.25% attached. After fifteen days, you realize you need the

Your friend signs a promissory note for $2,000 for 30 days with a rate of 2.25% attached. After fifteen days, you realize you need the money and sell the promissory to another friend to yield you 2.00%. How much did your friend earn in interest (dollar amount) for holding the promissory note for the last fifteen days?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management Principles And Applications

Financial Management Principles And Applications

Authors: J William Petty, Sheridan Titman, Arthur J Keown, John D Martin, Peter Martin, Michael Burrow, Hoa Nguyen

6th Edition

1442539178, 9781442539174

More Books

Students also viewed these Finance questions

Question

★★★★★
Briefly describe the history of unions in the United States.

Answered: 1 week ago

Question

★★★★★
Prior to the first month of operations ending July 31, 2014, Muzenski Industries Inc. estimated the following operating results: Sales (28,800 $ 75)...

Answered: 1 week ago

Question

★★★★★
2.6 More Billionaires in 2007 The world has gotten used to having less. But there's one thing the world is getting more of these days, and that's more billionaires. According to the Forbes magazine's...

Answered: 1 week ago

Question

★★★★★
Alpha Company purchased 30% of the voting common stock of Beta Company on January 1 and paid $500,000 for the investment. Beta Company reported $100,000 of earnings for the year and paid $40,000 in...

Answered: 1 week ago

Question

★★★★★
Question 4.) (25 pts) A postal delivery network is given below. A link between some location A and some location B is associated with a value representing the reliability of that delivery from A to...

Answered: 1 week ago

Question

★★★★★
inventory system and the gross method. April 1 Sold merchandise for $5,600, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,360. April 4 The customer in the April 1...

Answered: 1 week ago

Question

★★★★★
ABC Company has current assets of $100,000 and capital assets of $140,000. Current liabilities are $60,000 and long-term liabilities are $90,000. There is $40,000 in preferred stock outstanding and...

Answered: 1 week ago

Question

★★★★★
Tamarisk Corporation had income from continuing operations of $10,763,000 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $201,600. Prior to disposal, the...

Answered: 1 week ago

Question

★★★★★
Bonita Corporation had income from continuing operations of $10,615,500 in 2025. During 2025, it disposed of its restaurant division at an after-tax loss of $191,900. Prior to disposal, the division...

Answered: 1 week ago

Question

★★★★★
O'Hara Photography's checkbook lists the following (Click the icon to view the checkbook.) Read the requirements Requirement 1. Prepare O'Hara Photography's bank reconciliation at November 30, 2024....

Answered: 1 week ago

Question

★★★★★
On January 1, 2022, Blossom Corporation acquired machinery for $1470000. Blossom adopted the straight-line method of depreciation for this machine and had been recording depreciation over an...

Answered: 1 week ago

Question

★★★★★
How appropriate would it be to conduct additional research?

Answered: 1 week ago

Question

★★★★★
Who are credible sources and opinion leaders for this public?

Answered: 1 week ago

Question

★★★★★
How does or how might your organization affect this public?

Answered: 1 week ago

Previous Question Next Question