Logan Aeronautical Supply accepted a non-interest-bearing promissory note with a face value of $162,000 from...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Logan Aeronautical Supply accepted a non-interest-bearing promissory note with a face value of $162,000 from a customer. If the note is discounted at the bank at 10% 45 days prior to maturity, calculate the following. (Assume that the bank uses a 360-day year, and round your answers to the nearest hundredth.) SD 1. Bank discount amount 2. Proceeds from the discounted note 3. Effective interest rate: 0% Clear Undo Help
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.