Face Value 24. $8,000 25. $5,500 The following interest-bearing promissory notes were discounted at a bank...

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Face Value 24. $8,000 25. $5,500 The following interest-bearing promissory notes were discounted at a bank by the payee before maturity. Use the ordinary interest method (360 days) to solve for the missing information. Interest Rate (%) 11 13/1/2 Date of Note Jan. 12 June 17 Term of Note Maturity Maturity Date Value (days) 83 69 Date Note Discounted Mar. 1 July 22 Discount Period (days) Discount Rate (%) Proceeds 15 13.7 Face Value 24. $8,000 25. $5,500 The following interest-bearing promissory notes were discounted at a bank by the payee before maturity. Use the ordinary interest method (360 days) to solve for the missing information. Interest Rate (%) 11 13/1/2 Date of Note Jan. 12 June 17 Term of Note Maturity Maturity Date Value (days) 83 69 Date Note Discounted Mar. 1 July 22 Discount Period (days) Discount Rate (%) Proceeds 15 13.7

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To solve for the missing information Period Discount Rate Proceeds well use the ordinary interest me... View the full answer