The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinaryinterest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.)FaceValueInterestRate (%)Date ofNoteTerm ofNote (days)MaturityDateMaturityValue(in $)$750141June 9135---Select--- *$ 794.962Date ofDiscountDiscountPeriod (days)Sept. 5×DiscountRate (%)15.5$tAProceeds(in $)

The objective of the question is to calculate the proceeds from the discounting of a promissory note…

Answered: The following interest-bearing…

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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Question

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 $)
$750
141
June 9
135
---Select--- *
$ 794.96
2
Date of
Discount
Discount
Period (days)
Sept. 5
×
Discount
Rate (%)
15.5
$
tA
Proceeds
(in $)

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