The following interest-bearing promissory note was discounted at a bank bythe payee before maturity. Use the ordinary interest method, 360 days, tocalculate the missing information. (Round dollars to the nearest cent.)MaturityValueFaceInterestDate ofTerm ofMaturityValueRate (%)NoteNote (days)Date(in $)$1,2807.7Sept. 14130January22$1315.59Date ofDiscountDiscountProceedsDiscountPeriod (days)Rate (%)(in $)Dec. 74611.6

Computation of discount (in $) is as follows: Discount Amount =Maturity value ×Discount…

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.) Face Value Maturity Value Date of Term of Maturity Date Interest Rate (%) Note Note (days) (in $) $1,280 7.7 Sept. 14 130 January 22 $ 1315.59 Date of Discount Discount Proceeds Discount Period (days) Rate (%) (in $) Dec. 7 46 11.6 2$

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.) Face Value Maturity Value Date of Term of Maturity Date Interest Rate (%) Note Note (days) (in $) $1,280 7.7 Sept. 14 130 January 22 $ 1315.59 Date of Discount Discount Proceeds Discount Period (days) Rate (%) (in $) Dec. 7 46 11.6 2$

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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