**Instructions:**Complete the following, using exact interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the “Interest” and “Maturity value” to the nearest cent.)**Table:**| Principal | Interest rate | Date borrowed | Date repaid | Exact time | Interest | Maturity value ||-----------|---------------|---------------|-------------|------------|----------|----------------|| $670 | 8% | June 8 | Dec. 11 | 186 | $27.46 | $697.46 |**Feedback:**- **Answer is complete but not entirely correct.****Explanation:**- **Principal:** The initial amount of money borrowed ($670).- **Interest Rate:** The annual percentage rate applied (8%).- **Date Borrowed:** The date on which the principal was borrowed (June 8).- **Date Repaid:** The date on which the loan is repaid (December 11).- **Exact Time:** The total number of days between the borrowed and repaid dates (186 days).- **Interest:** Calculated using the formula for exact interest, with a slight error indicated ($27.46).- **Maturity Value:** The total amount to be repaid, including principal and interest, with an indicated error in calculation ($697.46). The image is a table displaying the ordinal day numbers for each day of each month in a calendar year. It is organized with rows representing the days of the month and columns representing the months from January to December.### Table Structure:- **Columns:** - **Day of Month**: Lists the days from 1 to 31. - **Months** (in sequence from left to right): - January (31 days) - February (28 days) - March (31 days) - April (30 days) - May (31 days) - June (30 days) - July (31 days) - August (31 days) - September (30 days) - October (31 days) - November (30 days) - December (31 days)- **Rows**: - Each row corresponds to a particular day of the month across different months, showing how it maps to the ordinal day of the year.### Example Entries:- For January 1st, the ordinal day is 1.- For February 1st, it is 32.- For March 1st, it is 60.- This pattern continues through each month, summing the days before it.### Observations:- The table accounts for the different number of days in each month.- The table helps in determining the day of the year for any given date, useful for converting between calendar dates and ordinal days, for example, in programming or data analysis tasks.This calendar layout can be particularly useful for applications that require date calculations or conversions, such as interest calculations, project timelines, and annual event planning.

Formula: Maturity value = Principal amount + Interest amountInterest amount = Principal x Interest rate x Time period = 670 x 8 % x ( 186 / 365 ) = 53.6 x ( 186 / 365 ) = 27.31 Interest amount = 27.31 Maturity value = Principal amount + Interest amount = 670 + 27.31 = $ 697.313

Business

Accounting

Complete the following, using exact interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.) Answer is complete but not entirely correct. Date Interest rate Date repaid Exact time Principal borrowed Interest Maturity value 670 8% June 8 Dec. 11 186 27.46 697.46 X

Complete the following, using exact interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.) Answer is complete but not entirely correct. Date Interest rate Date repaid Exact time Principal borrowed Interest Maturity value 670 8% June 8 Dec. 11 186 27.46 697.46 X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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