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Needsalift,Inc.APRs
Needsalift,Inc.has $10 million in funds to distribute to its unsecured creditors.Two sets of possible claims are presented below.

-For Case I,how much will the bank receive for its notes payable claim?

Question

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Needsalift,Inc.APRs
Needsalift,Inc.has $10 million in funds to distribute to its unsecured creditors.Two sets of possible claims are presented below.
 
-For Case I,how much will the bank receive for its notes payable claim?

Quizplus · Accepted Answer

From the given table for Case I, the bank has a claim of $12 million in notes payable and a share of 35% in the total claims. Therefore, the bank's claim is $4.2 million. However, since the maximum amount that Needsalift can distribute is $4 million, the bank will receive $4 million.

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