Use the following information for Questions 6 to 10: A promissory note for $12,500 was written on February 9 for 120 days at 7%. It was discounted on May 15 at 11.5%. 6. Find the maturity value of the note. 7. Find the maturity date of the note. 8. Find the term of the discount. 9. Find the discount amount. 10. Find the proceeds.
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- Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest RevenueFind the bank discount and proceeds for these notes. Assume that the notes were discounted on June 10 at a 15% discount rate. Use the 360-day method. Face Value $5,200 Time 90 days Date May 10th Rate 15%. I don't know to get the bank discount? Please help.Quick Tire and Lube received a 120-day, 8% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank 0578eff5f02bffe_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7 fill in the blank 7c1e32ffb038033_2 fill in the blank 7c1e32ffb038033_3 fill in the blank 7c1e32ffb038033_5 fill in the blank 7c1e32ffb038033_6 fill in the blank 7c1e32ffb038033_8 fill in the blank 7c1e32ffb038033_9
- Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory note at a certain bank. The discount rate was 16%, and the note was made on February 18 (not in a leap-year) for 113 days.What proceeds (in $) will Roni receive on the note?$ What is the maturity date of the note? month and dayUse the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $28,500 simple discount promissory note at a certain bank. The discount rate was 16%, and the note was made on February 18 (not in a leap-year) for 113 days. What proceeds (in $) will Roni receive on the note?$ What is the maturity date of the note?Solve the problem. Twin City Freezer accepts a note with face value of $5290 on June 6. The note is for 180 days at 8% interest. The note is discounted on July 30 at 9%. Find the proceeds. O $5328.30 O $5266.82 O $5347.56 O $5326.92
- Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $27,500 simple discount promissory note at a certain bank. The discount rate was 16%, and the note was made on February 15 (not in a leap-year) for 119 days. (a) What proceeds (in $) will Roni receive on the note? $ 23100Cube Ice Company received a 120-day, 10% note for $96,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note.$fill in the blank f3b771fe205d07f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Accounts Receivable Cash Interest Receivable Interest Revenue Notes Receivable Unearned Interest Aug. 7 fill in the blank 332b64fd401df83_2 fill in the blank 332b64fd401df83_3 fill in the blank 332b64fd401df83_5 fill in the blank 332b64fd401df83_6 fill in the blank 332b64fd401df83_8 fill in the blank 332b64fd401df83_9What does "2/10" mean, with respect to "credit terms of 2/10, n/30"? A. A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. B. Interest of 2 percent will be charged if the invoice is paid after 10 days from the date on the invoice. C. A discount of 10 percent will be allowed if the invoice is paid within two days of the invoice date. D. Interest of 10 percent will be charged if invoice is paid after two days.
- Toppen 1. Marina signed a simple discount note on September 1. The discount rate on the note is 4.7% and has a maturity date of December 31, if the proceeds of the note are $12,000, find the face value. (Use the banker's method which uses 360 days in a year) O$12,581.00 $12,192.61 $11,987.91 O$12,975.08Use the ordinary interest method, 360 days, to solve the following word problems. Round to the nearest cent when necessary. Roni Lockard signed a $22,500 simple discount promissory note at the Pacific National Bank. The discount rate was 11%, and the note was made on February 17 (not in a leap-year) for 107 days. What proceeds will Roni receive on the note? What is the maturity date of the note?Use the ordinary interest method, 360 days, to solve the following word problem. Round to the nearest cent when necessary. Roni Lockard signed a $27,500 simple discount promissory note at a certain bank. The discount rate was 14%, and the note was made on February 11 (not in a leap-year) for 118 days. (a) What proceeds (in $) will Roni receive on the note? $ (b) What is the maturity date of the note?
