Question: Determine due date and interest on notes Determine the due date and the amount of interest due at maturity on the following notes: Note Date
Determine due date and interest on notes
Determine the due date and the amount of interest due at maturity on the following notes:
| Note | Date of Note | Face Amount | Interest Rate | Term of Note |
|---|---|---|---|---|
| a. | January 5* | $95,000 | 6% | 120 days |
| b. | February 15* | 15,000 | 4 | 30 days |
| c. | May 19 | 68,000 | 8 | 45 days |
| d. | August 20 | 33,600 | 5 | 90 days |
| e. | October 19 | 46,000 | 7 | 90 days |
*Assume a non-leap year in which February has 28 days.
Assume 360 days in a year when computing the interest.
| Note | Due Date | Interest |
|---|---|---|
| a. | Jan. 17Mar. 17May 5July 3Nov. 18 | $fill in the blank 2 |
| b. | Jan. 17Mar. 17May 5July 3Nov. 18 | $fill in the blank 4 |
| c. | Jan. 17Mar. 17May 5July 3Nov. 18 | $fill in the blank 6 |
| d. | Jan. 17Mar. 17May 5July 3Nov. 18 | $fill in the blank 8 |
| e. | Jan. 17Mar. 17May 5July 3Nov. 18 | $fill in the blank 10 |
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
