On October 31, Sarah Willis borrowed $5,600 from the Vestal Central Bank. She gave the bank her 90-day note for that amount. The note was dated october 31, and the exact interest rate was 12%. a-Find the date of maturity for the note. b-How much did Sarah pay to the bank on the maturity date?
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- Megan was charged $124.83 interset on her bank loan for the period September 18 to October 18. If the rate of interest on her loan was 8.25%, what was the outstanding principle balance on the loan during the period?Roni Lockard signed a $26,500 simple discount promissory note at a certain bank. The discount rate was 14%, and the note was made on February 18 (not in a leap-year) for 113 days What proceeds (in $) will Roni receive on the note? What is the maturity date of the note?Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. what is the entry to record the receipt of the funds from the loan? what is the entry to accrue the interest on June 30?
- John signed a 90-day note with a face value of $6,000 and a discount rate of 14.57%. How much did the John receive from the bank? (ordinary time)Raquel borrowed $2300 from the bank for 18 months. The bank discounted the loan at 3.4%.How much was the interest?$How much did Raquel receive from the bank?$ What was the actual rate of interest?%On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $51,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.$ b. Determine the proceeds of the note, assuming the note is discounted at 8%.$
- Nick borrowed $6000 for 24 months from his bank using an 11 and a 1/2 percent discount note. A. How much interest did Nick pay the bank for the use of the money? B. How much did he receive from the bank?On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $150,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%.b. Determine the proceeds of the note, assuming the note is discounted at 10%.A man borrowed $ 3700 from a bank for 6 months. A friend was cosigner of the man's personal note. The bank collected 7 1\2% simple interest on the date of maturity.
- Ms. Kim borrowed an amount from a bank but she only recieved from the bank P1,340. She promised to pay the principal at the end of 9 months. If the corresponding discount rate or often referred toas the banker's discount is 13.73%, what is the amount borrowed?7. On April 1, Michael Reeves deposited a refund check for $240.85 in a savings account at Northern Savings and Loan Association. At the end of December the interest was computed at an annual rate of 6,%. How much simple interest did Michael's money earn? On April 1 you opened a savings account at Main Street Savings Bank with a Simple interest did your money earn? what waS VOur ew balange?On July 18, Aui accepted a $15,000, 7¾%, 180-day note from Ryan. On October 5, Aui discounted the note at Brome Bank at 8¼%. What proceeds did Aui receive? Use ordinary interest.