On August 5, M. Valenty borrowed $ 8,500 from Costner State Bank for 45 days, with a

Question:

On August 5, M. Valenty borrowed $ 8,500 from Costner State Bank for 45 days, with a of 7 percent. Accordingly, M. Valenty signed a note for $ 8,500, dated August 5. Write entries in general journal form to record the following transactions:
a. Issuance of the note on August 5.
b. Payment of the note at on September 19. Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal... Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...