Lifecom issued 22 million of commercial paper on april 1 on, Ask an Expert

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Life.com issued $22 million of commercial paper on April 1 on a nine-month note. Interest was discounted at issuance at a 7% discount rate. Complete the below table to calculate the effective interest rate on the commercial paper. (Enter your answers in whole dollars.) Principal X Annual Rate X Time = Discount Calculation of discount 22,000,000 (Blank) (Blank) (Blank) = 9 month rate X Conversion Factor = Annual Effective Rate Discount (Blank) (Blank) (Blank) Proceeds = (Blank) **Fill in the Blanks

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9796911

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