Determine the due date and amount of interest due at maturity on the following notes:OriginationFaceTermInterestMaturityInterestDateAmountof NoteRateDateAmount(a)Mar. 15$8,00060 days8%(b) May 1$12,00090 days9%

a. Interest amount = Face value of bonds x rate of interest x No. of days / 365 days = $8,000 x 8% x…

Answered: Determine the due date and amount of…

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 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%