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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 5 $90,000 b. February 15 21,000 C. May 19 68,000 d. August 20 34,400 e. October 19 50,000 Assume a leap year in which February has 29 days. 6% 4 455. 8 7 120 days 30 days 45 days 90 days 90 days

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 5 $90,000 b. February 15 21,000 C. May 19 68,000 d. August 20 34,400 e. October 19 50,000 Assume a leap year in which February has 29 days. 6% 4 455. 8 7 120 days 30 days 45 days 90 days 90 days

FINANCIAL ACCOUNTING
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 Due Date and Interest on Notes 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 5 $90,000 b. February 15 21,000 C. May 19 68,000 d. August 20 34,400 e. October 19 50,000 Assume a leap year in which February has 29 days. Assume 360 days in a year when computing the interest. Note Interest (a) (b) (c) (d) Due Date May 4 Mar. 16 July 3 Nov. 18 Jan. 17 Feedback -V ✓ ✓ ✓ -V 6% 4 8 5 7 120 days 30 days 45 days 90 days 90 days Check My Work The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360-day year.
Transcribed Image Text:Determine Due Date and Interest on Notes 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 5 $90,000 b. February 15 21,000 C. May 19 68,000 d. August 20 34,400 e. October 19 50,000 Assume a leap year in which February has 29 days. Assume 360 days in a year when computing the interest. Note Interest (a) (b) (c) (d) Due Date May 4 Mar. 16 July 3 Nov. 18 Jan. 17 Feedback -V ✓ ✓ ✓ -V 6% 4 8 5 7 120 days 30 days 45 days 90 days 90 days Check My Work The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360-day year.
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