Several banks have offered loans to Smith Computer Center for its expansion. However, Feldman wants to weigh each option to determine the best financial situation for the company. Currently, Smith Computer Center is trying to collect from its customers to strengthen the cash flow of the business.
Assignment
Using the information provided by each bank, determine the due date and interest amount for each.
Bank of America......A 100-day note dated April 15 for $28,000 at a 9% interest rate
Bank One...............A 115-day note dated April 10 for $46,000 at a 6% interest rate
Capital One Bank......An 80-day note dated April 5 for $33,000 at a 7% interest rate