Question: 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

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 will pay when the note is due. 2. Find the ordinary interest from November 8 to November 22 on $750 at 9% interest. 3. A refrigerator sells for $1,044 on the installment plan. After making a down payment of $100, you pay $59 a month. How many months will it take to pay for the refrigerator? 4. Andre Fox borrowed $15,000 on a non-interest-bearing, simple discount, 7 1/2% 90-day note. Assume ordinary interest. What is (a) maturity value, (b) the bank's discount, (c) Andre's proceeds, and (d) the effective rate to nearest hundredth percent

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 Mathematics Questions!

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...

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 will pay...

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...

Promissory Notes, Simple Discount Notes, and the Discount Process 4. Andre Fox borrowed $15,000 on a non-interest-bearing, simple discount, 7 1/2% 90-day note. Assume ordinary interest. What is (a)...

BUS 038 Promissory Notes, Simple Discount Notes, and the Discount Process 7. Agnes Abanilla was granted a loan of $20,000 by her employer CPM Industrial Fabricator and Construction Corporation with...

ONLY 2.2 i) to v). PLEASE REFER to given previous answers if needed. All info has been provided. Please state which info if missing. a. The amount of loan given to the Kovid Company equals RM15,000....

ONLY QUESTION 2.1 qUESTION B) The amount of loan given to the Kovid Company equals RM15,000. Loan Amount = Net Profit * Loan Percentage = 30,000 * 50% = 15,000 The simple interest rate is 9%. The...

**** ONLY 2.1 i), ii), iii) and a).****** (If needed, you can make up the numbers. Thank you!) PART 2: SIMULATION REPORT (Application of Simple Interest) 2.1 PROMISSORY NOTES & BANK DISCOUNT...

I need two ratios provided based on the financial statement of a company (fullfinancial attached). I need the price-earnings ratio (the formula of price per share divided by earnings per share) and...

We are living in interesting times. The pandemic caused by COVID-19 virus around the world is still spreading and will almost definitely have lasting effect on our lives for the foreseeable future....

Rob Lehnert has approached you, a management consultant, to evaluate the new venture of Caf Xaragua for its projected profitability and cash flow management. In a group of 3-4 people, prepare a...

Investigate the possible outcomes when 4 fair coins are thrown. You should find all the possible outcomes and find probabilities of different events. Use your experience from Question 10 to help you.

Cost of Production Report: No Beginning Inventories Oregon Paper Company produces newsprint paper through a special recycling process using scrap paper products. Production and cost data for October...