Able Co Accepted a $20,000 Note on March 10 with Terms

question 49

Short Answer

Able Co. accepted a $20,000 note on March 10 with terms of 6%, 60 days. Able Co. discounted the note on March 20, at the Green Bank at 7%. Use ordinary interest. What net proceeds did Able receive?

---

Definitions:

Self-Fulfillment

The realization or fulfillment of one's talents and potentialities, often considered as a drive or need present in everyone.

Consciousness

The condition where one is conscious of and can contemplate their own being, feelings, ideas, and surroundings.

Humanism

A philosophical and ethical stance that emphasizes the value and agency of human beings, individually and collectively.

Decision Making

The cognitive process of selecting a course of action from multiple alternatives.