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Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note Contract Date 1. March 4 2. May 18 3. October 23 Contract Date 1. March 4 2. May 18 3. October 23 Principal $ 18,000 18,000 11,000 Maturity Month May August : December Interest Rate 5% 7 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense

Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note Contract Date 1. March 4 2. May 18 3. October 23 Contract Date 1. March 4 2. May 18 3. October 23 Principal $ 18,000 18,000 11,000 Maturity Month May August : December Interest Rate 5% 7 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense

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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QS 7-11 (Algo) Computing note interest and maturity date LO C2 Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note Contract Date 1. March 4 2. May 18 3. October 23 Contract Date 1. March 4 2. May 18 3. October 23 Principal $ 18,000 18,000 11,000 Maturity Month May August December Interest Rate 5% 7 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense
Transcribed Image Text:QS 7-11 (Algo) Computing note interest and maturity date LO C2 Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note Contract Date 1. March 4 2. May 18 3. October 23 Contract Date 1. March 4 2. May 18 3. October 23 Principal $ 18,000 18,000 11,000 Maturity Month May August December Interest Rate 5% 7 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense
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