Question: On May 1 2 , Scott Rinse accepted an $ 8 , 0 0 0 , 1 2 % , 9 0 - day note

On May 12, Scott Rinse accepted an $8,000,12%,90-day note for a time extension of a bill for goods bought by Ron Prentice. On June
12, Scott discounted the note at Able Bank at 10%.(Use Days in a year table.)
What proceeds does Scott receive?
Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.
Proceeds received
On May 12, Scott Rinse accepted an $8,000,12%,90-day note for a

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!

Q:

Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate...

Q:

On May 12, Scott Rinse accepted an $7,500, 8%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 7%. (Use Days in a...

Q:

On May 12, Scott Rinse accepted an $12,500, 8%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 7%. (Use Days in a...

Q:

On May 12, Scott Rinse accepted an $8,500, 9%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 8%. (Use Days in a...

Q:

On May 12, Scott Rinse accepted an $3,000, 8%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 7%. (Use Days in a...

Q:

4 30points value Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms: $19,500 at 8% for 2 years. Use...

Q:

BUS 038 Promissory Notes, Simple Discount Notes, and the Discount Process 1. Kendra signed a promissory note for $5,900 at 12% ordinary interest for 180 days. Find the interest and amount due she...

Q:

On May 12, Scott Rinse accepted an $9,000, 10%, 90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 9%. (Use Days in a...

Q:

answer all questions plzz 4. value 3.00 points Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms:...

Q:

Solve for maturity value, discount period, bank discount, and proceeds (assume for Problems 1 1-5 and 11-6 a bank discount rate of 9%). LU 1 1-2(], 2) Face value Rate of Length of Maturity Date of...

Q:

Find the spherical coordinates for points with the following (x, y, z) coordinates: (a) (1, 2, 0); (b) (-1, 0, 3); (c) (3, 1, -2); (d) (-1, -1, -1).

Q:

Claire Spence, CFA is analyzing DAK Corporation, a maker of electrical components used on hybrid electric batteries. Spence has gathered the information featured below. Using this information,...

Q:

Fruit vendors have a set / variety of fruits that they have listed for sale. Vendors may have 0 or more fruits listed. Each fruit must be associated with exactly one vendor. Vendors are identified by...

Q:

The project _ _ _ _ _ answers the questions of what, when, how much, and at times where.

Q:

What are cafeteria plans? What is one advantage and one disadvantage to these plans? Would you want to participate in this type of healthcare plan?

Q:

What is the difference between training and professional development? Describe your training and professional development experiences that were motivating or not motivating to you.

Q:

Discuss the role labor unions have in the nursing sector of health care. Do you know any nurses who belong to a union?