CR Cash 3,00035. If a note receivable is discounted with recourse and the customer defaults at final payment, the seller: A. has no obligation to the bank. B. must repay the full amount of the note plus interest to the bank. C. must refund the proceeds of the discounting to the bank. D. must repay the principal only to the bank.36. What effective interest rate will Mutual Bank use for the restructured note? A. 8.7% B. 8.9% C. 10.0% D. 13.1%38. Island Corporation owes Mutual Bank a 10% note payable for $100,000 plus $8,000 accrued interest on October 1, 2014. Island and Mutual Bank enter into an agreement whereby Island will pay Mutual $128,000 on the due date of the note on October 1, 2016.What will be Island’s carrying value of the restructured note? A. $100,000 B. $108,000 C. $118,000 D. $128,000
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