An eight-year note for $4000 issued on November 1, 2016, with interest at 6.2% compounded quarterly is discounted on November 1, 2018, at 0.6% compounded monthly. What are the proceeds of the note? The proceeds of the note are $-----

An eight-year note for $4000 issued on November 1, 2016, with interest at 6.2% compounded quarterly is discounted on November 1, 2018, at 0.6% compounded monthly. What are the proceeds of the note? The proceeds of the note are $-----

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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Question

An eight-year note for $4900 issued on November 1, 2016, with interest at 6.2% compounded quarterly is discounted on November 1, 2018, at 6.0% compounded monthly. What are the proceeds of the note?
The proceeds of the note are t
(Round to the nearest cent as needed Round all intermediate values to six decimal places as needed)

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