Question - On September 1, Bella Salon Company issued a 60-day note with a face amount of $56,400 to Hotlocks Hair Products Company for merchandise inventory. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.
b. Determine the proceeds of the note, assuming the note is discounted at 8%.
If you could help out on this one too that would be amazing. Thanks.
Steven Inverness's weekly gross earnings for the week ending January 18 were $2,340, and his federal income tax withholding was $468.00. Assuming the social security rate is 6% and Medicare is 1.5% of all earnings, what is Inverness's net pay? If required, round your answer to the nearest cent.