Question: Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is

Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2024, and the principal and interest are due at maturity.

Note 123456 Note Face Value $50,000 50,000 50,000 80,000 80,000 80,000 Date

Required:
For each situation, determine the proceeds received from the bank on discounting the note.

Note 123456 Note Face Value $50,000 50,000 50,000 80,000 80,000 80,000 Date of Note 3/31/2024 3/31/2024 3/31/2024 6/30/2024 6/30/2024 6/30/2024 Interest Rate 8% 8 8 00 00 956 Date Discounted 6/30/2024 9/30/2024 9/30/2024 10/31/2024 10/31/2024 11/30/2024 Discount Rate 10% 10 12 10 12 10

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1 50000 Face amount 3000 Interest to maturity 50000 8 912 53000 Maturity value 2650 Discount 53000 1... View full answer

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