On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 90-day note with...
On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 90-day note with a face amount of $73,200. Assume a 360-day year.
a. Determine the proceeds of the note, assuming
the note carries an interest rate of 9%.
$
b. Determine the proceeds of the note, assuming
the note is discounted at 9%.
$
Homework Answers
| Dear Student | |
| Thank you for using Chegg | |
| Please find below the answer | |
| Statementshowing Computations | |
| Paticulars | Amount |
| a) Since the note is not discounted proceeds of the note are | 73,200.00 |
| b) | |
| Discount on note = 73,200*90/360*9% | 1,647.00 |
| Proceeds from issue of note = 73,200 - 1647 | 71,553.00 |
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