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Blossom Company issues a 8%, 3-year mortgage note on January 1, 2017, to obtain financing...

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Accounting

Blossom Company issues a 8%, 3-year mortgage note on January 1, 2017, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $ 45,000.

What are the cash proceeds received from the issuance of the note? (Round answer to 2 decimal places, e.g. 25.25.)

Blossom Company should receive

$

Tim Howard has been offered the opportunity of investing $ 30,066 now. The investment will earn 9% per year and at the end of that time will return Tim $65,300.

How many years must Tim wait to receive $ 65,300? (Hint: Use Table 3.)

Joanne Quick made an investment of $ 26,223.08. From this investment, she will receive $ 2,700 annually for the next 15 years starting one year from now.

What rate of interest will Joannes investment be earning for her? (Hint: Use Table 4.)

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