Proceeds from Notes Payable
On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $88,800. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%. $fill in the blank 1
b. Determine the proceeds of the note, assuming the note is discounted at 5%. $fill in the blank 2
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
(Save $1 )
One time Pay
(Save $5 )
Billed Monthly
*First month only
You can see the logs in the Dashboard.
