$45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its maturity date. After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity
$45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its maturity date. After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Determine the maturity date and interest for a notes receivable
Amplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its maturity date.
After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity date.
1. What is the maturity date of the note (include the month, day and year)?
2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)?
2(a). Show the work for your interest calculation
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