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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
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 * | $90,000 | 6% | 120 days | ||||
b. | February 15 * | 21,000 | 4 | 30 days | ||||
c. | May 19 | 68,000 | 8 | 45 days | ||||
d. | August 20 | 34,400 | 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) | $ | |
(b) | $ | |
(c) | $ | |
(d) | $ | |
(e) | $ |
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