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Date of Note Face Amount Interest Rate Term of Note a. January 5 * $94,000 8% 120 days b. February 15 * 24,000 7 30
Date of Note | Face Amount | Interest Rate | Term of Note | |||||
a. | January 5 * | $94,000 | 8% | 120 days | ||||
b. | February 15 * | 24,000 | 7 | 30 days | ||||
c. | May 19 | 64,000 | 8 | 60 days | ||||
d. | August 20 | 34,200 | 4 | 75 days | ||||
e. | October 19 | 49,000 | 5 | 75 days |
* Assume a leap year in which February has 29 days.
Assume 360 days in a year when computing the interest.
Round your answers to the nearest dollar.
Note | Due Date | Interest |
a. | May 4 | $ |
b. | Mar. 16 | |
c. | July 18 Correct | |
d. | Nov. 3 | |
e. | Jan. 2 |
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