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  3. 1. jimmy borrowed $23,000 from bb&t for 200 da

1. Jimmy borrowed $23,000 from BB&T for 200 days at 8 ¾ %simple interest....

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Accounting

1. Jimmy borrowed $23,000 from BB&T for 200 days at 8 ¾ %simple interest. Find the maturity value of the simple interestnote. 2. At 120 days into the note, BB&T sold Jimmy’s note toCapital One Bank at 10%. How much did Capital One pay BB&T forthe note? 3. How much interest did BB&T earn? 4. How muchinterest did Capital One earn? 5. Did Jimmy’s payments changeduring the process?

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4.3 Ratings (764 Votes)
Q 1 Maturity value A is the aggregate of borrowing amount P and total simple interest amount TI where the interest rate r is 8 00875 and the number of period is 200365 TI P r t    See Answer
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In: Accounting1. Jimmy borrowed $23,000 from BB&T for 200 days at 8 ¾ %simple interest. Find...1. Jimmy borrowed $23,000 from BB&T for 200 days at 8 ¾ %simple interest. Find the maturity value of the simple interestnote. 2. At 120 days into the note, BB&T sold Jimmy’s note toCapital One Bank at 10%. How much did Capital One pay BB&T forthe note? 3. How much interest did BB&T earn? 4. How muchinterest did Capital One earn? 5. Did Jimmy’s payments changeduring the process?

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