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Determine the maturity date and compute the interest for each of the following notes payable with add-on interest: (Use 360 as the denominator when calculating
Determine the maturity date and compute the interest for each of the following notes payable with add-on interest: (Use 360 as the denominator when calculating the interest amount. Round to a whole number.)
Date of Note | Principal | Interest Rate (%) | Term | |
---|---|---|---|---|
a. | August 5 | $15,000 | 8 | 120 days |
b. | May 10 | 8,400 | 7 | 90 days |
c. | October 20 | 12,000 | 9 | 45 days |
d. | July 6 | 4,500 | 10 | 60 days |
e. | September 15 | 13,500 | 8 | 75 days |
Maturity DateInterest
month day maturity
a a a
b b b
c c c
d d d
e e e
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