Question
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 Date | Interest at | ||
|---|---|---|---|
| Month | Day | Maturity | |
| a. | December | 3
|
|
| b. | August | 8
|
|
| c. | December
| 4
|
|
| d. | September
| 4
|
|
| e. | November
| 29
|
|
Can you also explain how to get the months, days, and the matureity
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Auditing In The Public Sector Efficiency Economy And Program Results
Authors: James L. Savage, Felix Pomeranz, Alfred J. Cancellieri, Joseph B. Stevens
1st Edition
0882621238, 978-0882621234
