Question
Brief Exercise 8-09 Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.) Date of Note Terms Maturity
Brief Exercise 8-09
Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.)
| Date of Note | Terms | Maturity Date | Principal | Annual Interest Rate | Total Interest | ||||||||
| (a) | April 1 | 60 days | May 1May 31August 1August 31September 6September 7 | $676,200 | 5 | % | $ | ||||||
| (b) | July 2 | 30 days | May 1May 31August 1August 31September 6September 7 | 88,500 | % | $590 | |||||||
| (c) | March 7 | 6 months | May 30May 31August 30August 31September 6September 7 | 126,600 | 10 | % | $ | ||||||
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Accounting And Finance For Lawyers In A Nutshell
Authors: Charles Meyer
7th Edition
1647083001, 9781647083007
