Key Terms Chapter 11 Promissory Note, Simple Discount Notes, and The Discount Process

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Key Terms for Chapter 11: Promissory Note, Simple Discount Notes, and The Discount Process
Kyra Louthan
Fichas por Kyra Louthan, actualizado hace 6 meses
Kyra Louthan
Creado por Kyra Louthan hace 6 meses
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Bank Discount The amount of interest charged by a bank on a note MVxBDRxT
Bank Discount Rate Percent on interest charged by the bank
Contingent Liability Potential liability that may or may not result from discounting a note
Discount Period Amount of time to take advantage of a cash discount
Discounting a Note Receiving cash from selling a note to a bank before the due date of a note
Effective Rate True rate of interest. The more frequent the compounding, the higher the effective rate
Face Value Amount of money borrowed (AKA the Principal)
Interest-Bearing Note Maturity value of the note is greater than amount borrowed since interest is added on
Maker The company issuing the note and borrowing the money
Maturity Date The date the principal and interest are due
Maturity Value (MV) The date the
Non-Interest Bearing Note Note where the maturity value will be equal to the amount of money borrowed since no additional interest was charged
Payee The company extending the credit
Proceeds MV-Bank Charge
Promissory Note Written unconditional promise to pay a certain sum (with or without interest) at a fixed time in the future
Simple Discount Note A note in which bank deducts interest in advance
Treasury Bill Loan to the federal government for 91 days(13weeks), 182 days(26 weeks) or 1 year
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