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Find the proceeds of the loan

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Q1. The bank has loaned $9,000 to Northern Star Company, using a 90-day non-interest-bearing note. The bank discounted the note at 7%. The credit to discount on Notes Receivable in the general journal will be in the amount of

a. $9,000.00

b. $8,842.50

c. $157.50.

d. $9,157.50

Q2. The bank has loaned $12,000 to Aina Company using a 60-day non-interest-bearing note. The bank discounted the note at 12%. The proceeds of the loan will be

a. $12,000

b. $12,240

c. $11,760

d. $240

Reference no: EM132797785

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