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I am using Excel only! Keesha Company borrows $490,000 cash on December 1 of the current year by signing a 90-day, 8%, $490,000 note. Note
I am using Excel only!
Keesha Company borrows $490,000 cash on December 1 of the current year by signing a 90-day, 8%, $490,000 note. | |||||||
Note principal | $490,000 | ||||||
Term of note | 90 | days | |||||
Interest rate | 8% | ||||||
Days in year | 360 | ||||||
Issue date | 12/1/2023 | ||||||
Year end | 12/31/2023 | ||||||
Required: | |||||||
1. On what date does this note mature? | |||||||
2. & 3. What is the amount of interest expense in years 2023 and 2024 from this note? (Use 360 days in a year) |
Could you help me with the Excel formulas? Thank you for the help.
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