Complete the following, using ordinary interest. (Use Days in a year table.)Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.Principal$1,200Interest rate6%Date borrowedMarch 15Date repaidJune 17Exact timeInterestMaturity value TABLE 7.1Exact days-in-a-year calendar (excluding leap year)*Day ofmonth1234567891011121314151617181931 January 28 February132233334435363738394041424344454647484950567891011121314151617181931 March606162انتا63646566676869707172737475767.77830 April91929394959697989910010110210310410510610710810931 May12112212312412512612712812913013113213313413513613713813930 June15215315415515615715815916016116216316416516616716816917031 July18218318418518618718818919019119219319419519619719819920031 August 30 September 31 October 30 November 31 December213244274305214245275306215246276307216247277308217248278309218249279310219250280311220251281312221252282313253283314254284315285316286317287318288319289320290321291322292323222223224225226227228229230231255256257258259260261262335336337338339340341342343344353345346347348349350351352

Ordinary interest rate is the method of calculating the interest charged on the loan, based on a 360…

Answered: Complete the following, using ordinary…

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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Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note 1. 2. 3. Contract Date March 8 May 22 October 27 Contract Date 1. March 8 2. May 22 3. October 27 Principal $ 17,000 22,000 15,000 Maturity Month Interest Rate 6% 8 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense
Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal interest rate date borrowed date repaid exact time interest maturity value $1,500 12% May 15 January 16
Journalize the following, assuming a 360-day year is used for interest calculations: Apr. 30 Issued a $1,080,000, 120-day, 9% note dated April 30 to Misner Co. on account. Aug. 30 Paid Misner Co. the amount owed on the note dated April 30. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Apr. 30 Aug. 30
Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higner day when hecessary. Maturity Value (in $) Rate Time Interest Principal Interest (%) (days) Method $3,100 167 Exact $220
Determine the due date and amount of interest due at maturity on the following notes: Origination Face Term Interest Maturity Interest Date Amount of Note Rate Date Amount (a) Mar. 15 $8,000 60 days 8% (b) May 1 $12,000 90 days 9%
Complete the following, using exact interest. (Use Days in a year table.) Note: Do not round intermediate calculations.Round the "Interest" and "Maturity value" to the nearest cent. Principal $ 1,300 Interest rate Date borrowed 7% May 20 Date repaid August 23 Exact time Interest Maturity value
Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal Interest rate 1,330 6% Date borrowed June 27 Date repaid January23 Exact time Interest Maturity value
Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal $ 1,328 Interest rate 5% Date borrowed June 08 Date repaid January 19 Exact time Interest Maturity value
I could use some help with this problem from my study guide specificly on annual interest rate and total interest thank you The following are data on three promissory notes.Determine the missing amounts. (Round answers to 0 decimal places, e.g. 5,275. Use 360 days for calculation.) Date of Note Terms MaturityDate Principal AnnualInterest Rate TotalInterest (a) April 1 60 days select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 $716,400 5 % $enter a dollar amount (b) July 2 30 days select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 90,000 enter percentages % $600 (c) March 7 6 months select a maturity date May 30May 31June 1July 31August…
Presented below are data on three promissory notes. Determine the missing amounts. (Round answers for Total Interest to O decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%. Use 360 days for calculation.) (a) (b) (c) Date of Note April 1 July 2 March 7 Terms 60 days 30 days 6 months Maturity Date Principal $780,000 80,400 165,000 Annual Interest Rate 15 % % 16 % $ $ Total Interest $938
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On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume a 360-day year is used for interest computations.) a. Journalize the entries for October 1 and November 30, assuming the note was discounted at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 9b46170d8ff6049_2 fill in the blank 9b46170d8ff6049_3 fill in the blank 9b46170d8ff6049_5 fill in the blank 9b46170d8ff6049_6 fill in the blank 9b46170d8ff6049_8 fill in the blank 9b46170d8ff6049_9 Nov. 30 fill in the blank 9b46170d8ff6049_11 fill in the blank 9b46170d8ff6049_12 fill in the blank 9b46170d8ff6049_14 fill in the blank 9b46170d8ff6049_15 b. Journalize the entries for October 1 and November 30, assuming the note was interest-bearing at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 213f6401ef9900d_2 fill in the blank 213f6401ef9900d_3 fill in…

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Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal $ 1,200 Interest rate Date borrowed 6% March 15 Date repaid June 17 Exact time Interest Maturity value