saved Question 17 (5 points) 5 points The maker of a promissory note: 1) will pa

Question

saved Question 17 (5 points) 5 points The maker of a promissory note: 1) will pay back the maturity value at the end of tent 2) is the one exterding credit. () is usually a bank. 4) is not the one borrowing money Question 18 (5 points) 5 points The proceeds from a $20,000 simple discount, 13 percent, 90 day note are 910 11 1) $20,000 2) $20,650 3) $19.350 4) $19530 12 Page t 13 14 15 Question 1915 points) 16 5 points Which of the following is typically sold on a "discounted" basis, that is, for less than face value? 1) Treasury bills 21 Simple interest note 3) Both 1 and 2 above. 4j Neither 1 nor 2 above 18 19 20 Legend Question 20 (5 points) Unsaved Response into item 5 points Jones Company has a 120 day note reccivable from the Johnson Company. The note is dated Aupust 1, 2001 On September 18,2001. Jones takes the note to the bank and "sells it to the bank for the proper amount of money based on the banks interest rate at the time. Whst is the lerigth of the discount period in this example? 11 40 days 2172 day dthera

Explanation / Answer

Question Answer Explanation 17 1) It is a written promise by one party (the note's issuer or maker) to pay another party. 18 2) =20000*13%*90/360+20000 19 3) Both are typically sold at discount 20 2) =120-31-17 (Remaining period of note after giving note to bank)

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