On July 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie discounted the note at Lend Bank at 7%. What proceeds did Gracie receive?
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On July 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie discounted the note at Lend Bank at 7%. What proceeds did Gracie receive? (p. 282)
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- On July 14, Gracie Paul accepted a $60,000, 6%, 160-day note from Mike Lang. On November 12, Gracie discounted the note at Lend Bank at a 7% rate. (a) What are Gracie’s proceeds, and (b) How much does Mike Lang pay and to who?Darcy holds a 200 day note from Brenda. This note was given by Brenda to Darcy since the former owes the latter $69,000. The simple interest note is dated Dec. 28 and carries an interest of 8%. The note is then 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 $2,609.69On May 12, Alyssa accepted a $5,000 note in granting a time extension of a bill for goods bought by Lucy. The terms of the note were 8% for 120 days. On July 8, Alyssa needed to raise cash and discounted the note at Lucy's bank at a bank discount rate of 9% Calculate Alyssa's proceeds. Use ordinary interest
- On July 18, Aui accepted a $15,000, 7¾%, 180-day note from Ryan. On October 5, Aui discounted the note at Brome Bank at 8¼%. What proceeds did Aui receive? Use ordinary interest.Jones Corporation accepted a $25,000, 8%, 120-day note on July 8. Jones discounted the note on September 4, at Rool Bank at 7%. What proceeds did Jones receive? Use ordinary interest.Michael bought a $20,000, 26-week T-bill at a discount rate of 5.9% on August 12. He sold it 11 weeks later at a discount rate of 6.5%. Find Michael's purchase price, the discount 11 weeks later when he sold it, proceeds to Michael, and the effective interest rate for the time he held the note. (Hint: Treat T-bills as a discount note.) Michael's purchase price was $. (Round to the nearest cent as needed.) C
- On October 31, Sarah Willis borrowed $5,600 from the Vestal Central Bank. She gave the bank her 90-day note for that amount. The note was dated october 31, and the exact interest rate was 12%. a-Find the date of maturity for the note. b-How much did Sarah pay to the bank on the maturity date?Ron Prentice bought goods from Shelly Katz. On April 5, Shelly gave Ron a time extension on his bill by accepting a $3,200, 9%, 155- day note. On July 9, Shelly discounted the note at Roseville Bank at 11%. (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 %24James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $34,560 from the bank on a note payable for the business. Terms of the note are 10 percent interest for 45 days. 11 A 90-day $47,520 note payable to the bank is discounted at a rate of 8 percent. 22 Sold a car to Darnell Jones for $40,320 on a 75-day note receivable, bearing interest at 7 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 10 percent. 25 Sold a car for $48,960 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 9 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 8…
- James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $34,560 from the bank on a note payable for the business. Terms of the note are 10 percent interest for 45 days. 11 A 90-day $47,520 note payable to the bank is discounted at a rate of 8 percent. 22 Sold a car to Darnell Jones for $40,320 on a 75-day note receivable, bearing interest at 7 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 10 percent. 25 Sold a car for $48,960 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 9 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 8…James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $34,560 from the bank on a note payable for the business. Terms of the note are 10 percent interest for 45 days. 11 A 90-day $47,520 note payable to the bank is discounted at a rate of 8 percent. 22 Sold a car to Darnell Jones for $40,320 on a 75-day note receivable, bearing interest at 7 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 10 percent. 25 Sold a car for $48,960 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 9 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 8…James Howard owns Howard Auto Sales. He periodically borrows money from Bay City State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March 20X1. DATE TRANSACTIONS 20X1 Mar. 4 Mr. Howard borrows $34,560 from the bank on a note payable for the business. Terms of the note are 10 percent interest for 45 days. 11 A 90-day $47,520 note payable to the bank is discounted at a rate of 8 percent. 22 Sold a car to Darnell Jones for $40,320 on a 75-day note receivable, bearing interest at 7 percent. 23 Discounted the Jones note with the bank. The bank charges a discount rate of 10 percent. 25 Sold a car for $48,960 to Henry Thomas. Thomas paid $4,000 cash and signed a 30-day note, bearing interest at 9 percent, for the balance. 28 Alfred Herron's account receivable is overdue. Howard requires him to sign a 8…