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On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of

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On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $150,000.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%.

b. Determine the proceeds of the note, assuming the note is discounted at 10%.


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a 150 000 b Face amount 150 000 I…View the full answer


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Financial And Managerial Accounting

Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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Question Details
Chapter # 10
Section: Practice Exercises
Problem: 2
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Question Posted: February 28, 2014 08:41:58
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