Question
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes. When calculating
Determine Due Date and Interest on Notes
Determine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar.
| Date of Note | Face Amount | Interest Rate | Term of Note | ||||
| a. | January 15 | $91,770 | 9 | % | 30 days | ||
| b. | April 1 | 13,690 | 12 | 90 days | |||
| c. | June 22 | 12,975 | 10 | 45 days | |||
| d. | August 30 | 20,925 | 8 | 120 days | |||
| e. | October 16 | 13,255 | 8 | 50 days | |||
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Financial And Managerial Accounting
Authors: John J Wild
6th Edition
1259621758, 978-1259621758
