Business

The length of time for which money is borrowed is called the term of a promissory note.

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If you borrow money from a bank and sign a promissory note, the bank is considered to be the payee.

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The maker of a promissory note is the borrower of the money.

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In a promissory note, the person borrowing the money is called the maker.

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A promissory note is a legal document whereby the signer promises to repay a loan.

Started by Bob-Dole

Find the maturity value on a $23,248 face-value note for 340 days if the discount rate is 11%.

Started by jman1234

Find the maturity value on a $1203 face-value note for 309 days if the discount rate is 11%.

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Find the discount and proceeds on a $67,720.00 face-value note for 100 days if the discount rate is 9.75%.

Started by shenderson6

Find the discount and proceeds on a $16,030.00 face-value note for 250 days if the discount rate is 8.5%.

Started by ashley

Lucy makes a simple discount note with a face value of $7800.00, a term of 90 days, and a 10% ...

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Jorge makes a simple discount note with a face value of $2000.00, a term of 210 days, and a 10% ...

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Adjusted balance due at maturity refers to:

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When making a partial payment before the maturity date, the U.S. Rule states:

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The method used to calculate interest that is sometimes known as the Banker's Rule is:

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When calculating ordinary interest, the denominator of the time fraction will be:

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The advantage when using ordinary interest belongs to the:

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When determining ordinary interest, dividing by 360 or 365 provides the fractional daily interest rate.

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Ordinary interest using the exact time method is sometimes called the Banker's Rule.

Started by WhattoUnderstand

When calculating ordinary interest, the denominator of the time fraction is 360 days.

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Using the ordinary interest exact time method, a year is assumed to have 360 days.

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The term "ordinary interest" means a loan is for less than one year.

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Sometimes it can be profitable to borrow money so that you can take advantage of a cash discount.

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Find the exact interest on a loan of $51,000 at 9% annually made on February 5 and due June 30.

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Find the exact interest on a loan of $1500 at 10% annually made on July 21 and due November 30.

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Find the ordinary interest on a loan of $450 at 15% annually made on July 8 and due October 31.

Started by segrsyd