Question
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 5 * | $86,000 | 8% | 105 days | ||||
| b. | February 15 * | 23,000 | 7 | 30 days | ||||
| c. | May 19 | 75,000 | 5 | 45 days | ||||
| d. | August 20 | 39,300 | 7 | 75 days | ||||
| e. | October 19 | 54,000 | 4 | 90 days | ||||
* Assume a leap year in which February has 29 days.
Assume 360 days in a year when computing the interest.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Open spreadsheet
Round your answers to the nearest dollar.
| Note | Due Date | Interest |
| a. | Jan. 17Mar. 16Apr. 19July 3Nov. 3 | $ fill in the blank 3 |
| b. | Jan. 17Mar. 16Apr. 19July 3Nov. 3 | fill in the blank 5 |
| c. | Jan. 17Mar. 16Apr. 19July 3Nov. 3 | fill in the blank 7 |
| d. | Jan. 17Mar. 16Apr. 19July 3Nov. 3 | fill in the blank 9 |
| e. | Jan. 17Mar. 16Apr. 19July 3Nov. 3 | fill in the blank 11 |
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Cost management a strategic approach
Authors: Edward J. Blocher, David E. Stout, Gary Cokins
5th edition
73526940, 978-0073526942
