Determine the maturity date, interest at maturity, and maturity value for each of the following notes. (Round to the nearest cent.) a. A 60-day, 10 percent, $4,800 note dated January 5 received from P. Shah for granting a time extension on a past-due account. b. A 60-day, 12 percent, $3,000 note dated March 9 received from I. Bell for granting a time extension on a past-due account.
Determine the maturity date, interest at maturity, and maturity value for each of the following notes. (Round to the nearest cent.) a. A 60-day, 10 percent, $4,800 note dated January 5 received from P. Shah for granting a time extension on a past-due account. b. A 60-day, 12 percent, $3,000 note dated March 9 received from I. Bell for granting a time extension on a past-due account.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 2CE
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Determine the maturity date, interest at maturity, and maturity value for each of the following notes. (Round to the nearest cent.)
a. A 60-day, 10 percent, $4,800 note dated January 5 received from P. Shah for granting a time extension on a past-due account.
b. A 60-day, 12 percent, $3,000 note dated March 9 received from I. Bell for granting a time extension on a past-due account.
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