Calculate Proceeds for the Interest-Bearing Note Using Ordinary Interest

question 31

Short Answer

Calculate proceeds for the interest-bearing note using ordinary interest:
$$\begin{array} { | l | l | l | } \hline \text { Face Value } & \text { Discount Rate } & \text { Time in Days } \\\hline \$ 36,000 & 14 \% & 92 \\\hline\end{array}$$

---

Definitions:

Future Profits

Expected earnings or gains in the future, often incorporating risk and uncertainty predictions.

Interest Rate

The percentage of a sum of money charged for its use, typically expressed as an annual rate.

Interest Rate

The percentage of principal charged by the lender for the use of its money.

Interest Rate

The fraction of a loan amount charged as interest to the borrower, often shown as an annual percent of the outstanding loan.