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Masy's Department Store supported its operations through short-term note financing in 2020 described as follows:...

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Accounting

image Masy's Department Store supported its operations through short-term note financing in 2020 described as follows: May 10 The Company entered into a new credit agreement with certain financial institutions providing for revolving credit borrowings and letters of credit in an aggregate amount not to exceed \$1.5 million. Interest rates are adjustable. Nov. 30 Additional cash needed during peak holiday sale period was funded through the issuance of 120 -day, $400,000 commercial paper, discounted at 12%. Mar. 30 Paid off the commercial paper debt on due date. Required: 1. The amount of cash received by Masy's Department Store on November 30, 2020 is $ , assuming a 360-day year for interest computations. 2. The effective interest rate on these commercial papers is %. Note: Don't round until the final answer. Round the final answer to the nearest dollar. Keep two decimals for a percentage

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