Question
Fox-Pro Spring Bank City Bank 1. Maturity dates Date of the note May 23 July 15 Dec. 6 Term of the note (in days) 60
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Fox-Pro | Spring Bank | City Bank | |||
1. | Maturity dates |
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| Date of the note | May 23 | July 15 | Dec. 6 | |||
| Term of the note (in days) | 60 | 120 | 45 | |||
| Maturity date |
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2. | Interest due at maturity |
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| Principal of the note | $4,600 | $12,000 | $8,000 | |||
| Annual interest rate | 15% | 10% | 9% | |||
| Fraction of year |
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| Interest expense |
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3. | Accrued interest on City Bank note at the end of 2016 | ||||||
| Total interest for note |
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| Fraction of term in 2016 |
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| Accrued interest expense |
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4. Interest in 2017
| Total interest for note |
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| Fraction of term in 2017 |
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| Interest expense in 2017 |
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Problem 9-1B (Concluded)
5.
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So the first part is the question that is web captured and the second part is the template they give us to fill out! Thanks for the help!
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