Presented below are data on three promissory notes. Determine the missing amounts. (Round answers for Total Interest
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Question:
Presented below are data on three promissory notes.
Determine the missing amounts. (Round answers for Total Interest to 0 decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%. Use 360 days for calculation.)
Date of Note | Terms | Maturity Date | Principal | Annual Interest Rate | Total Interest | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(a) | April 1 | 60 days | select a maturity date | $810,000 | 7 | % | $enter total interest in dollars rounded to 0 decimal places | ||||||
(b) | July 2 | 30 days | select a maturity date | 99,000 | enter an annual Interest Rate in percentages rounded to 0 decimal places | % | $495 | ||||||
(c) | March 7 | 6 months | select a maturity date | 180,000 | 8 | % | $enter total interest in dollars rounded to 0 decimal places |
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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