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 Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $) $1,210 7.1 Sept. 15 130 ---Select--- January February March April May June July August September October November December $ Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $) Dec. 8 11.9

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 Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $) $1,210 7.1 Sept. 15 130 ---Select--- January February March April May June July August September October November December $ Date of Discount Discount Period (days) Discount Rate (%) Proceeds (in $) Dec. 8 11.9

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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Face Value	Interest Rate (%)	Date of Note	Term of Note (days)	Maturity Date	Maturity Value (in $)
$1,210	7.1	Sept. 15	130	---Select--- January February March April May June July August September October November December	$
	Date of Discount	Discount Period (days)	Discount Rate (%)	Proceeds (in $)
Dec. 8		11.9

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