Darcy holds a 200 day note from Brenda. This note was given by Brenda to Darcy since the former owesthe latter $69,000. The simple interest note is dated Dec. 28 and carries an interest of 8%. The note isthen sold by Darcy to a bank on March 17 at a discount rate of 12%. How much profit did the bank make?Group of answer choices $2,609,96 $2,966.69 $2,906.69 $2,609.69

Answered: Image /qna-images/answer/0c78754c-06c9-45c0-b3b0-260abb216681.jpg

Answered: Darcy holds a 200 day note from Brenda.…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

A man borrows money from a bank which uses a simple discount rate of 14%. He signs a promissory note promising to pay P500.00 per month at the end of 4th, 6th, and 7th month respectively. Determine the amount of money that he received from the bank. a. P1403.68 c. P1102.37 b. P1340.38 d. P1030.28
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$12,975.08
Shiela signs a PhP4,500 discount note. The bank charges 18% discount rate and the proceeds are PHP3,487.50. Find the term of the note? A. 1 year and 3 months B. 1 year and 4 months C. 1 year and 5 months Answer:
Mrs. Shimizu borrowed money from a bank. She received from the bank P1,342 and promised torepay P1,500 at the end of 10 months. Determine (a) simple interest rate (b) discount offered asBanker’s discount. Show your complete solution.
Clear my chOice Corry has an income of $80,000 that he is willing to spend over a year. If his bank account's interest rate is 3.05% and the cost associated for him to visit the bank is $5.00. What is Corry's average money holding? O a. $488.00 O b. $2,560.74 O c. $5,000.00 O d. $16.00 Previous page O Type here to search
1. Sol Sib borrowed P14,000 for 10 months from a rural bank. The banker discounts the note at 8%, Find the discount and the proceeds.
Alana Olsen borrowed $5,000 for 90 days from First Bank. The bankdiscounted the note at 7 percent.a. What proceeds did Olsen receive?b. What is the effective rate to the nearest basis point?
Jo borrowed $3,800 for 4 months from a bank. The bank discounted the loan at 5.5%. a. How much interest did Jo pay the bank for the use of its money? b. How much did he receive from the bank? c. What was the actual rate of interest he paid? a. The interest is $ (Round to the nearest cent as needed.) b. The amount of money Jo received is $ (Round to the nearest cent as needed.) c. The actual interest rate is %. (Type an integer or decimal rounded to the nearest hundredth as needed.)
2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022 d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya.
Jami's Home Repair borrows $6,000, at 13.75% interest, for 330 days. Use the exact interest method to find the amount of interest that the bank will collect. (Round to the nearest cent.) Ⓒ$600.00 Ⓒ$640.00 $745.89 Ⓒ$8,200.00
Karen's Katering borrows $5,500, at 8.5% interest, for 220 days. If the bank uses the exact interest method, how much interest will the bank collect? (Round to the nearest cent.) $281.78 $285.69 $300.10 $467.50
ron prentice bought goods from shelly katz. on may 8, shelly gave ron a time extension on his bill by accepting a $3,000, 8%, 180-day note. on august 16, shelly discounted the note at roseville bank at 9%. (use days in a year table.) what proceeds does shelly katz receive? (use 360 days a year. do not round intermediate calculations. round your answer to the nearest cent.): Proceeds received: ??

SEE MORE QUESTIONS

Recommended textbooks for you

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

SEE MORE TEXTBOOKS