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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 5 * | $80,000 | 6% | 120 days | ||||
b. | February 15 * | 15,000 | 4 | 30 days | ||||
c. | May 19 | 69,000 | 8 | 45 days | ||||
d. | August 20 | 33,200 | 5 | 90 days | ||||
e. | October 19 | 50,000 | 7 | 90 days |
* Assume a leap year in which February has 29 days.
Assume 360 days in a year when computing the interest.
Note | Due Date | Interest |
(a) | Jan. 17Mar. 16May 4July 3Nov. 18 | $fill in the blank 2 |
(b) | Jan. 17Mar. 16May 4July 3Nov. 18 | $fill in the blank 4 |
(c) | Jan. 17Mar. 16May 4July 3Nov. 18 | $fill in the blank 6 |
(d) | Jan. 17Mar. 16May 4July 3Nov. 18 | $fill in the blank 8 |
(e) | Jan. 17Mar. 16May 4July 3Nov. 18 | $fill in the blank 10 |
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