Determine the due date and the amount of interest due at maturity on the following notes: Date of note Face amount Interest Rate Term of Note a. January 6 b. March 23 40,000 9,000 9% 45 days 10 60 days c. May 30 12,000 12 90 days d. August 30 18,000 10 120 days e. October 1 10,500 8 60 days Due Date Interest a. Feb. 20 b. May 22 c. d. e. Aug. 28 Dec. 28 Nov. 30
Determine the due date and the amount of interest due at maturity on the following notes: Date of note Face amount Interest Rate Term of Note a. January 6 b. March 23 40,000 9,000 9% 45 days 10 60 days c. May 30 12,000 12 90 days d. August 30 18,000 10 120 days e. October 1 10,500 8 60 days Due Date Interest a. Feb. 20 b. May 22 c. d. e. Aug. 28 Dec. 28 Nov. 30
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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![Determine the due date and the amount of interest due at maturity on the following notes:
Date of note Face amount Interest Rate Term of Note
a. January 6
b. March 23
40,000
9,000
9%
45 days
10
60 days
c. May 30
12,000
12
90 days
d. August 30
18,000
10
120 days
e. October 1
10,500
8
60 days
Due Date
Interest
a.
Feb. 20
b.
May 22
c.
d.
e.
Aug. 28
Dec. 28
Nov. 30](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc9293d9a-1314-4a51-928c-4500a39b05d4%2F1c10785b-904f-4046-a89a-c773c582c767%2F86egsda_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Determine the due date and the amount of interest due at maturity on the following notes:
Date of note Face amount Interest Rate Term of Note
a. January 6
b. March 23
40,000
9,000
9%
45 days
10
60 days
c. May 30
12,000
12
90 days
d. August 30
18,000
10
120 days
e. October 1
10,500
8
60 days
Due Date
Interest
a.
Feb. 20
b.
May 22
c.
d.
e.
Aug. 28
Dec. 28
Nov. 30
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