Assume that $ 6,000 cash is borrowed on a $ 6,000, 10%, one- year note payable that is interest bearing and that another $ 6,000 cash is borrowed on a $ 6,600 one- year note that is non– interest bearing. For each note, give the following:
(a) Face amount of the note,
(b) Principal amount,
(c) Maturity amount, and
(d) Total interest paid. The market interest rate is 10%.