Question: Determine the maturity date and compute interest for each note. (Use 360 days a year. Do not round intermediate calculations.) Note 1. 2. Contract Date

Determine the maturity date and compute interest for each note. (Use

Determine the maturity date and compute interest for each note. (Use 360 days a year. Do not round intermediate calculations.) Note 1. 2. Contract Date March 2 May 16 October 21 Principal $ 12,000 16,000 8,000 Interest Rate 5% 7 3 Period of Note (Term) 60 days 90 days 45 days 3. Contract Date Maturity Month Maturity Date Interest Expense 1. March 2 21 2. May 16 May August December 3. October 21 1 2 3 4

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