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
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 | % | $
| |||||||
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Managerial Accounting for Managers
Authors: Eric Noreen, Peter Brewer, Ray Garrison
2nd edition
978-0077403485, 77403487, 73527130, 978-0073527130
