Question: answr need help. the answer is given (808.92), but am confused on how to solve. Please show work. thank you Figure 24 Note If the

answr
answr need help. the answer is given (808.92), but am confused on
how to solve. Please show work. thank you Figure 24 Note If
need help. the answer is given (808.92), but am confused on how to solve. Please show work.
thank you

Figure 24 Note If the time in a note is given in months, the due date is the same date of the month as the date of the note. A 3-month note dated March 1 would be due on June 1. If the time is given in days, use exact time when finding the maturing date. When computing the discount, use exact time from the discount date to the due date and a 360 -day year. 1. On August 5, 1998, Alice E. Sproul discounts the note in Figure 2-4 at a bank that charges a discount rate of 1221%. What are the proceeds

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!