Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.)
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Question:
Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.)
| Date of Note | Terms | Maturity Date | Principal | Annual Interest Rate | Total Interest | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (a) | April 1 | 60 days | May 1May 30May 31June 1July 31August 1August 2August 31September 1September 6September 7September 8September 30 | $770,000 | 9 | % | $
| |||||||
| (b) | July 2 | 30 days | May 1May 30May 31June 1July 31August 1August 2August 31September 1September 6September 7September 8September 30 | 78,000 |
| % | $520 | |||||||
| (c) | March 7 | 6 months | May 1May 30May 31June 1July 31August 1August 2August 31September 1September 6September 7September 8September 30 | 125,000 | 10 | % | $
| |||||||
Expert Answer:
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