Apr. 20 Purchased $49,250 of merchandise on credit from Locust, terms are 1/10, n/30. Montag uses the

Question:

Apr. 20

Purchased $49,250 of merchandise on credit from Locust, terms are 1/10, n/30. Montag uses the perpetual inventory system.

May 24

Replaced the April 20 account payable to Locust with a 60-day, $37,000 note bearing 8% annual interest along with paying $12,250 in cash.

Requirement

Determine the interest due at maturity for each of the three notes. (Assume a 360-day year. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...