Compute the missing information to discount the following promissory note. Use a 360-day year for...
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Accounting
Compute the missing information to discount the following promissory note. Use a 360-day year for all interest and discount calculations.
Jane Phipps owned a finance company. On April 22 she purchased a 180-day, non-interest-bearing promissory note. The note had been written on March 22 for $8,900. Because of the high financial risk involved, Jane discounted the note at 16%. Round dollar amounts to the nearest cent. If an amount is zero, enter "0".
Interest amount
$
Maturity value
$
Maturity date
-Select-Sep. 22Oct. 22Sep. 18Oct. 18Item 3
Days of discount
Discount amount
$
Proceeds
$
Answer & Explanation
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