On September 1, Rongo Co. issued a 45-day note with a face amount of $80,000 to Simone
Question:
On September 1, Rongo Co. issued a 45-day note with a face amount of $80,000 to Simone Co. for merchandise inventory.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.
b. Determine the proceeds of the note, assuming the note is discounted at 8%.
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