On 20 March 2018, Kamal received a 120-day promissory note with a simple interest rate of 11%
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Question:
On 20 March 2018, Kamal received a 120-day promissory note with a simple interest rate of 11% per annum. On 14 May 2009, he discounted the note at a discount rate of 10% and received proceeds of RM2,592.75. Find the:
a) maturity date
b) maturity value
c) value of bank discount
d) face value.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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