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Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of
Determine Due Date and Interest on Notes
Determine the due date and the amount of interest due at maturity on the following notes:
Date of Note | Face Amount | Interest Rate | Term of Note | |||||
a. | January 10* | $40,000 | 5% | 90 days | ||||
b. | March 19 | 18,000 | 8 | 180 days | ||||
c. | June 5 | 90,000 | 7 | 30 days | ||||
d. | September 8 | 36,000 | 3 | 90 days | ||||
e. | November 20 | 27,000 | 4 | 60 days |
*Assume that February has 28 days.
Assume 360-days in a year when computing the interest.
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