Determine the maturity date solve this accounting questions Determine the maturity date and compute theinterest for the following note payable with add-oninterest:Date of Note Principal Interest Rate (%) TermJul-64,500 10%60 days

Step 1: Maturity Date Calculation• Start Date: July 6• Add: 60 daysProcess:• July remaining days: 31…

Answered: Determine the maturity date and compute…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383
The maturity value of a $67200, 6%, 9-month note receivable is
Given the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Annual Interest Paid on Interest Rate Payment Paid Principal Balance 11.6% $425.57 $64.23 $361.34 $6,280.78 Fill out the amortization schedule below. Annual Interest Paid on Payment Balance Interest Rate Paid Principal 11.6% $425.57 $64.23 $361.34 $6,280.78 (Round to the nearest cent as needed.)
Compute interest and find the maturity date for the following notes. (Use 360 days for calculation.) Date of Interest Note Principal Rate (%) Terms Interest Maturity Date June 10 $180,000 4% 60 days 24 a. b. July 14 $136,800 5% 90 days 24 April 27 $30,000 6% 75 days C. %24
Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note 1. 2. 3. Contract Date March 8 May 22 October 27 Contract Date 1. March 8 2. May 22 3. October 27 Principal $ 17,000 22,000 15,000 Maturity Month Interest Rate 6% 8 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense
Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higner day when hecessary. Maturity Value (in $) Rate Time Interest Principal Interest (%) (days) Method $3,100 167 Exact $220
Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary. Principal Rate(%) Time(days) InterestMethod Interest Maturity Value(in $) $15,000 13 days Ordinary $730
Use chart and round to nearest cent
If the company accepted a Notes Receivable on Oct 1, X1 for $60,000 at 8%, due in one year, what is the Maturity value?
Determine the maturity date and compute interest for each note. Days to be used per year 360 days Note 1 2 3 Required: Note Contract Date HN3 1-Mar 15-May 20-Oct Principal Contract Date $10,000 15,000 8,000 (Use cells A5 to F8 from the given information to complete this question.) Maturity Date Interest Expense Interest Rate 6% 8% 4% Period of Note (Term) 60 days 90 days 45 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 10* $40,000 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. $fill in the blank 2 b. fill in the blank 4 c. fill in the blank 6 d. fill in the blank 8 e. fill in the blank 10
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 6% 120 days b. February 15 * 21,000 4 30 days c. May 19 68,000 8 45 days d. August 20 34,400 5 90 days e. October 19 50,000 7 90 days * Assume a leap year in which February has 29 days. Assume 360 days in a year when computing the interest. Jan. 17 Mar. 16 May 4 July 3 Nov. 18 Note Due Date Interest (a) $fill in the blank 2 (b) $fill in the blank 4 (c) $fill in the blank 6 (d) $fill in the blank 8 (e) $fill in the blank 10

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Determine the maturity date and compute the interest for the following note payable with add-on interest: Date of Note Principal Interest Rate (%) Term Jul-6 4,500 10% 60 days