10) The maturity value of a five-month promissory note issued May 31, 2013, is $2134.00. What is the present value of the note on the date of issue if money is worth 6.3%?
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- Answer the following questions regarding a four-month promissory note for $1,850 issued June 1, 2021, and bearing an interest rate of 5% p.a. a) What was the maturity date of the note? b) How much was the note worth at maturity? c) How much was the note traded for on Sep 1, 2021, if money was worth 6% p.a.?A promissory note has a face value of 22275.00 and it has a date of issue of November 15 this year. The maturity date is April 15th. The rate of simple interest is 5.75%. What is the maturity value of the note?An $9,000 note dated 06/22/2020, matures on 12/22/2020 at 8.15%. (Banker’s Rule) In how many days is the note due? What interest is paid on the note?
- A seven-month promissory note for $7,800 dated March 12, 2016 bears interest at 8% a. What is the legal due date of the note? b. What is the amount of interest payable at the due date? c. What is the maturity value of the note?3. A 120-day promissory note dated 12 January 2020 offers a simple interest rate of 2.57%. By using exact time, find: a) the face value if the maturity value of the note is RM8,571.62. b) the discount value if proceed received is RM8534.48. c) the discount rate if the note discounted 2 months before the maturity date.A promissory note with a face value of $12,300 is written on February 22, 2015 and is due on June 03, 2022; it bears an interest rate of 11.5% compounded quarterly. The note is sold on January 04, 2021 to a bank that discounts notes at a compound interest rate of 4.5% compounded quarterly. Determine the maturity value of the note. Include a time diagram. Determine the amount that the bank paid for the note. Include a time diagram.
- What is the maturity value of a $8,500 note dated June 17, 2020, if it matures on November 15, 2020 at 7.75%. (Banker’s Rule)Compute the face value of a 90-day note dated October 8, 2016 bearing interest at 8½% whose maturity value is $2,273.19.On January 1, 2021, Mahogany Company issued a note with a face amount of P2,000,000. The note carried an interest rate of 10% payable every yearend for three years. The market rate of interest on similar notes is 12.5%. How much is the interest expense for 2022?
- On January 1, 2021, Mahogany Company issued a note with a face amount of P2,000,000. The note carried an interest rate of 10% payable every yearend for three years. The market rate of interest on similar notes is 12.5%. How much is the carrying amount of the note on December 31, 2021?On March 15, 2021, a six-month promissory note for $1,175 with interest at 4% was issued. Compute the present value of the note on May 22, 2021, if money is worth 8%.A six-month note would mature on 15 December 2020 with a maturity value of RM3750. The note is discounted two months before the maturity date and proceeds received are RM3718.75. Find: iii. The bank discount amount that is charged iv. The discount rate that is charged