Aster corporation accepted a $20,000, 9 percent 120-day note dated august 25 from lee company in settlement of a past bill. On O
ctober 25, Aster Corporation decided to discount the note at a discount of 8 percent. The proceeds to Aster Corporation are (blank)
1 answer:
Answer:
$20, 533.33
Step-by-step explanation:
From the question, we are given the following values
Principal = $20000
Rate = 8% = 0.08
Time( in years) = 120days = 4 months = 4/12 years = 1/3 years
Interest = Principal × Rate × Time
Interest = 20,000 × 0.08× (1/4)
Interest = $533.33
Hence, the proceeds to Aster Corporation are
$20000 + $533.33
= $20,533.33
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