Question
Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation. Do not round intermediate calculations.) Date of Note
Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation. Do not round intermediate calculations.)
| Date of Note | Terms | Maturity Date | Principal | Annual Interest Rate | Total Interest | ||||||||
| a. | April 1 | 60 days | May 1May 31June 1August 1August 2August 31September 6September 7September 8 | $804,000 | 6 | % | $ | ||||||
| b. | July 2 | 30 days | May 1May 31June 1August 1August 2August 31September 6September 7September 8 | 108,000 | % | $540 | |||||||
| c. | March 7 | 6 months | May 1May 31June 1August 1August 2August 31September 6September 7September 8 | 125,400 | 9 | % | $ | ||||||
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Introductory Accounting A Measurement Approach For Managers
Authors: Daniel P. Tinkelman
1st Edition
9781138956216
