Short Answer
On May 12, Joy Co. accepted a $1,000, 60-day, 6% note from Abe Wills, granting a time extension on a past-due account. Joy discounted the note at the bank at 9% on May 28. Use ordinary interest. Calculate Joy's proceeds.
Correct Answer:
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1,000 × .06 × 60/360 = $10; MV...View Answer
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