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How much money did Party City receive

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Reference no: EM132765776

Question - On November 1, 2019, Party City Costumes borrowed money from their bank Third Friendly International Bank by issuing a $100,000, 180 day, non-interest bearing note. The note was discounted to 10%.

Required - Compute the following:

1) How much money did Party City receive?

2) What was the total amount of interest paid?

3) What is the effective 180 day interest rate on this note payable? (Round to 4 decimals) 4) What is the approximate annual effective interest rate on this note payable?

5) Record the journal entry(ies)for the issuance of the note.

Reference no: EM132765776

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