posted by .

Mobilee Oil Company accepted a \$10,000, 120-day note,
dated March 3, at 8.5% to settle a past due accounts
receivable. Mobilee Oil discounted the note to raise cash
on May 10 at a discounted rate of 9%. What proceeds did

Amt. = 10000 - 0.09*10000 = \$9,100.

## Similar Questions

1. ### Finance Math

On June 30, 2007, Simon Company discounted a customer’s \$180,000, 6-month, and 10 percent note receivable dated April 30, 2007. A discount rate of 12 percent was charged by the bank. Simon’s proceeds from this discounted note would …
2. ### Accounting Math

This is not homework i already got it wrong without an explanation. On June 30, 2007, Simon Company discounted a customer’s \$180,000, 6-month, and 10 percent note receivable dated April 30, 2007. A discount rate of 12 percent was …

Mobile Oil Company accepted a \$10,000, 120 day note, dated March 3, at 8.5% to settle a past due accounts receivable. Mobile Oil discounted the note to raise cash on May 10 at a discounted rate of 9%. What proceeds did Mobile Oil receive?

Mobile Oil Company accepted a \$10,000, 120 day note, dated on March 3, at 8.5% to settle past due accounts receivable. Mobile Oil dicounted the note to raise cash on May 10 at a discounted rate 9%. What proceeds did Mobile Oil receive?

On May 12, Bob Campbell accepted a \$5,000 note in granting a time extension of a bill of goods bought by Rick Ween. Terms of the note were 8% for 120 days. On July 8, Bob needed to raise cash and discounted the note at Rick's bank …
6. ### usiness finance

On May 12, Bob Campbell accepted a \$5,000 note in granting a time extension of a bill of goods bought by Rick Wean. Terms of the note were 8% for 120 days. On July 8th, Bob needed to raise cash and discounted the note at Rick’s bank …