Compute interest and find the maturity date for the following notes. (Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275. Use 360 days for calculation.) (a) (b) (c) Date of Note June 10 July 14 April 27 Principal $90,000 $64,800 $43,200 Interest Rate (%) 6% 7% 8% Terms 60 days 90 days 75 days $ $ LA Interest IN Maturity Date 4 ### Educational Content on Calculating Interest and Maturity Dates#### Instructions:Compute interest and find the maturity date for the following notes. (Round intermediate calculations to 2 decimal places, e.g. 15.25, and final answers to 0 decimal places, e.g. 5,275. Use 360 days for calculation.)#### Provided Data:| Date of Note | Principal | Interest Rate (%) | Terms | Interest | Maturity Date ||--------------|-----------|-------------------|------------|----------|---------------|| (a) June 10 | $90,000 | 6% | 60 days | $ | || (b) July 14 | $64,800 | 7% | 90 days | $ | || (c) April 27 | $43,200 | 8% | 75 days | $ | |#### Steps to Follow:1. **Calculate Interest** To compute the interest for each note: - Use the formula: \[ \text{Interest} = \text{Principal} \times \left( \frac{\text{Interest Rate}}{100} \right) \times \left( \frac{\text{Terms}}{360} \right) \]2. **Determine Maturity Date** - Maturity date is found by adding the number of term days to the date of the note.#### Example Calculation:For note (a): - **Principal:** $90,000 - **Interest Rate:** 6% - **Terms:** 60 days \[ \text{Interest} = 90\text{,}000 \times \left( \frac{6}{100} \right) \times \left( \frac{60}{360} \right) \] \[ \text{Interest} = 90\text{,}000 \times 0.06 \times 0.1667 \] \[ \text{Interest} = 9000 \times 0.1667 \] \[ \text{Interest} \approx 1500 \] - **Interest:** $1,500 - **Maturity Date:** June 10 + 60 days =

Principal is the money that you originally agreed to pay other party at a maturity date. Interest is…

Compute interest and find the maturity date for the following notes. (Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275. Use 360 days for calculation.) (a) (b) (c) Date of Note June 10 July 14 April 27 Principal $90,000 $64,800 $43,200 Interest Rate (%) 6% 7% 8% Terms 60 days 90 days 75 days $ $ LA Interest IN Maturit

Compute interest and find the maturity date for the following notes. (Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275. Use 360 days for calculation.) (a) (b) (c) Date of Note June 10 July 14 April 27 Principal $90,000 $64,800 $43,200 Interest Rate (%) 6% 7% 8% Terms 60 days 90 days 75 days $ $ LA Interest IN Maturit

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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Just as a heads up in the question it mentions ordinary interest, ordinary interest is 360 days instead of the full 365 days a year
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