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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 31August 1August 31September 6September 7 | $556,800 | 5 | % | $ |
| (b) | July 2 | 30 days | May 1May 31August 1August 31September 6September 7 | 70,440 | % | $587 | |
| (c) | March 7 | 6 months | May 30May 31August 30August 31September 6September 7 | 128,800 | 9 | % | $ |
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Cornerstones of Managerial Accounting
Authors: Mowen, Hansen, Heitger
3rd Edition
324660138, 978-0324660135
