what is a good response to the following post made by a classmate? a. For the note
Question:
what is a good response to the following post made by a classmate?
a. For the note dated August 5, with a principal of $6,000, an interest rate of 8%, and a term of 120 days: Maturity Date: December 3 Interest: $160.00 Interest = $6,000 x 0.08 x 120/360 (1/3)
b. For the note dated May 10, with a principal of $16,800, an interest rate of 7%, and a term of 30 days: Maturity Date: June 9 Interest: $98.00 Interest = $16,800 x 0.07 x 30/360 (1/12) c. For the note dated October 20, with a principal of $25,000, an interest rate of 9%, and a term of 45 days: Maturity Date: December 4 Interest: $281.25 Interest = $25,000 x 0.09 x 45/360 (1/8)
d. For the note dated July 6, with a principal of $4,500, an interest rate of 11%, and a term of 60 days: Maturity Date: September 4 Interest: $82.50 Interest = $4,500 x 0.11 x 60/360 (1/6)
e. For the note dated September 15, with a principal of $9,000, an interest rate of 9%, and a term of 75 days: Maturity Date: November 29 Interest: $168.75 Interest = $9,000 x 0.09 x 75/360 (5/24)
Integrated Accounting
ISBN: 978-1285462721
8th edition
Authors: Dale A. Klooster, Warren Allen, Glenn Owen