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Delvig [45]
3 years ago
9

On March 31, Dower Publishing discounted a $30,000 note at a local bank. The note was dated February 28 and required the payment

of the principal amount and interest at 6% on May 31. The bank’s discount rate is 8%.
How much cash will Dower receive from the bank on March 31?
Business
1 answer:
MAXImum [283]3 years ago
7 0

Answer:

Dower will receive $30,856

Explanation:

on March 31 the bank will discount the future value of the note at 8% discount rate:

principal x (1 + rate x time ) = future value of the note

30,000 x (1 + 0.06 x 3/12*) = 30,450

Now, we solve for the discounte value at march 31 using an 8% discount rate:

30,450 x (1 - 0.08 x 2/12) = 30.856

*From Feb 28th to May 31th we have a 3-month period

**we have two month-lapse between maturity and discount date

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3 years ago
Which quality of an asset makes it more appropriate for the fair value principle rather than the historical cost principle?
Alchen [17]

Answer and Explanation:

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8 0
3 years ago
Monte inherited 1,000 shares of Corporation Zero stock from his father who died on March 4, 2020. His father paid $44 per share
Marina86 [1]

Answer:

$6,000 LTCG

Explanation:

Calculation to determine the amount and character of the gain or loss that Monte recognizes

Using this formula

Recognized gain or loss =Amount realized -Basis

Let plug in the formula

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Recognized gain or loss=$54,000-$48,000

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3 years ago
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