Question: On May 12, Vinny accepted a $5,000 note granting a time extension of a bill for goods bought by Jones. Terms of the note were

On May 12, Vinny accepted a $5,000 note granting a time extension of a bill for goods bought by Jones. Terms of the note were 8% for 120 days. On July 8, Vinny needed to riase cash and discounted the note at Jones's bank at a discount rate of 9%. Calculate Vinny's proceedings using ordinary interest. PLEASE SHOW ALL WORK AND CALCULATIONS SO THAT I CAN UNDERSTAND THE BREAKDOWN OF THIS PROBLEM!

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 Finance Questions!

On may 12 Clarence accepted a $5,000 note in granting a time extension of bill for goods bought by seine. Terms of the note were 8% for 120 days. On July 8, Clarence needed to raise a cash and...

On May 1 2 , Scott Rinse accepted an $ 8 , 0 0 0 , 1 2 % , 9 0 - day note for a time extension of a bill for goods bought by Ron Prentice. On June 1 2 , Scott discounted the note at Able Bank at 1 0...

On May 1 2 , Scott Rinse accepted an $ 1 4 , 5 0 0 , 1 2 % , 9 0 - day note for a time extension of a bill for goods bought by Ron Prentice. On June 1 2 , Scott discounted the note at Able Bank at 1...

On May 1 2 , Scott Rinse accepted an $ 1 5 , 5 0 0 , 1 4 % , 9 0 - day note for a time extension of a bill for goods bought by Ron Prentice. On June 1 2 , Scott discounted the note at Able Bank at 1...

On May 12, Scott Rinse accepted an $13,500,10%,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...

On March 1 2 , Bill Jones accepted a $ 5 , 0 0 0 note in granting a time extension of a bill for goods purchased by Ron Prentice. Terms of the note were 8 % for 1 2 0 days. On July 8 , Bill could no...

On March 12, Bill Jones accepted a $12,000 note in granting a time extension of a bill for goods purchased by Ron Prentice. Terms of the note were 13% for 90 days. On April 24, Bill could no longer...

Type in Exsel and show formulas please.Thanks. 2. The face value of both a simple interest and a simple discount note are $6,000. If both notes have interest rates of 8% for 90 days, calculate: a....

Two weeks prior to final exams, 10 undergraduate students took part in an experiment to determine what effect the presence of a live plant, a photo of a plant, or the absence of a plant has on the...

Write a function that takes in a string and returns the length of the longest palindromic subsequence of the string. A palindromic subsequence is a sequence of characters in the string that is the...

A project has an initial cost of $ 6 0 , 0 0 0 . Today's market value of the project's future cash flows is $ 7 5 , 0 0 0 . W difference between these two values called? Multiple Choice Net present...

Add "Viggo Mortenslet cast = new Map ( ) ;en " to the cast as the key, with value "Aragorn".