Compute interest and find the maturity date for the following notes. (Round answers to O decimal places, e.g. 825. Use 360 days forcalculation)Date of NotePrincipalInterest Rate (%)Terms(a)June 10$83,4007%60 days(b)July 14$53,8008%90 days(c)April 27$12,4809%75 days(a)$(b)$(c)$InterestMaturity Date

Required A. June 10 Interest = Principal x Rate x (Term/360)Interest = $83,400 x 7% x…

Answered: Compute interest and find the maturity…

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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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
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Maker Date ofNote Principal InterestRate Term Maple November 21 $180,000 6% 120 days Wyman December 13 140,000 7% 90 days Nahn December 19 210,000 5% 60 days Maple: Answer Wyman: Answer Nahn: Answer
3.Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount (in $) of interest for the loan. (Round your answers to two decimal places.) Principal Rate (%) Time (days) Exact Interest Ordinary Interest $185,500 9.75 53 $ $
The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Maturity Value Face Interest Date of Term of Maturity Value Rate (%) Note Note (days) Date (in $) $1,280 7.7 Sept. 14 130 January 22 $ 1315.59 Date of Discount Discount Proceeds Discount Period (days) Rate (%) (in $) Dec. 7 46 11.6
1 Required: Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place.) Principal Amount on Notes Annual Interest Time Period Rate Interest Earned Receivable ok a S 65,000 11.4 % 6 months b. $ 43,000 % 9 months $ 3,483 C. 9.3 % 12 months $ 3,069 nces
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
Use the exact interest method (365 days) and the ordinary interest method (300 days) to compare the amount (in 1) of interest for the loan. (Round your answers to two decimal places.) Principal Rate (6) Time (days) Exect Interest Ordinary Interest $196,500 $C 9.75 51
The following are data on three promissory notes. Determine the missing amounts. (Round answers to O decimal places, e.g. 5,275. Use 360 days for calculation.) Maturity Date of Note Terms Date Principal (a) April 1 60 days $842,400 Annual Interest Rate 5 % $ (b) July 2 30 days 100,800 % (c) March 7 6 months 129,600 10 % $ 67 Total Interest $504
Required: Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place.) a. b. C. Principal Amount on Notes Receivable $ $ 50,000 40,000 Annual Interest Rate 12.0% % 9.0 % Time Period 6 months 9 months 12 months Interest Earned $ $ 3,600 2,700
Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 787.5 6 months $1,575 9
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…
am. 123.

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