Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. (10 points) john is the original owner of an in

1. (10 points) John is the original owner of an interest-bearing promissory note for $10,000...

80.2K

Verified Solution

Question

Accounting

image

1. (10 points) John is the original owner of an interest-bearing promissory note for $10,000 for 90 days with simple interest rate of 10%. After 30 days John sells it to a bank that discounts notes at 12% simple interest rate. (a) What did the bank pay John for the note? (b) What simple interest rate did John earn

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students