Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for...
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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 April 1 July 2 March 7 Terms 60 days 30 days 6 months Maturity Date May 31 August 1 September 7 Principal $540,000 100,000 120,200 Annual Interest Rate 6 % VA TA 9 % $ Total Interest $500 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 April 1 July 2 March 7 Terms 60 days 30 days 6 months Maturity Date May 31 August 1 September 7 Principal $540,000 100,000 120,200 Annual Interest Rate 6 % VA TA 9 % $ Total Interest $500
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SOLUTION To determine the missing amounts we need to use the simple interest formula Interest Princi... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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