following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the information, (Round dollars to the nearest cent.) Face Interest Date of Value Rate (6) Note $1,200 73 Sept. 14 Date of Discount Dec 2 Term of Note (days) 130 Discount Period (days) Maturity Date Select Discount Rate () Maturity Value (in 5) Proceeds (in 5)

following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the information, (Round dollars to the nearest cent.) Face Interest Date of Value Rate (6) Note $1,200 73 Sept. 14 Date of Discount Dec 2 Term of Note (days) 130 Discount Period (days) Maturity Date Select Discount Rate () Maturity Value (in 5) Proceeds (in 5)

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Description: The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missinginformation. (Round dollars to the nearest cent.)Face InterestValue Rate (6)$1,

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)FaceValue Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $)$1,220 7.4 Sept. 18 130 ???? ???? Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $)Dec. 11 ??? 11.6 ???
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