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Determine the due date and the amount of interest due at maturity on the following notes: Note Date of Note Face Amount Interest Rate Term
Determine the due date and the amount of interest due at maturity on the following notes:
Note | Date of Note | Face Amount | Interest Rate | Term of Note |
---|---|---|---|---|
a. | January 5* | $100,000 | 6% | 120 days |
b. | February 15* | 30,000 | 4 | 30 days |
c. | May 19 | 62,000 | 8 | 45 days |
d. | August 20 | 42,400 | 5 | 90 days |
e. | October 19 | 40,000 | 7 | 90 days |
*Assume a non-leap year in which February has 28 days.
Assume 360 days in a year when computing the interest.
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