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For the following promissory note, find the missing entry for days of interest or maturity date (due date). Then compute the amount of interest due
For the following promissory note, find the missing entry for days of interest or maturity date (due date). Then compute the amount of interest due at maturity and the maturity value. For the given problem use a 360-day year. Round dollar amounts to the nearest cent.
Face Value | Date of Note | Days of Interest | Maturity Date | Rate | Interest Amount | Maturity Value |
$16,500 | Mar. 24, 2013 | __________ | July 4, 2013 | 5.5% | $_________ | $________ |
For the following promissory note, find the missing entry for days of interest or maturity date (due date). Then compute the amount of interest due at maturity and the maturity value. For the given problem use a 360-day year. Round dollar amounts to the nearest cent.
Face Value | Date of Note | Days of Interest | Maturity Date | Rate | Interest Amount | Maturity Value |
$590 | Jan. 28, 2013 | ___________ | Mar. 25, 2013 | 5.1% | $___________ | $__________ |
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