EX 8-19 Determine due date and interest on notes 0 Determine the due date and the amount of interest due at maturity on the following notes: Face Amount Interest Rate Term of Note 6% 120 days 4 30 days 8 45 days 5 90 days 7 90 days Date of Note January 5* February 15* May 19 August 20 October 19 a. b. $90,000 21,000 C. 68,000 d. 34,400 50,000 e. * Assume a leap year in which February has 29 days.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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**Exercise 8-19: Determine Due Date and Interest on Notes**

**Objective:**  
Determine the due date and the amount of interest due at maturity on the following notes.

**Table Overview:**

| Date of Note | Face Amount | Interest Rate | Term of Note |
|--------------|-------------|---------------|--------------|
| January 5*   | $90,000     | 6%            | 120 days     |
| February 15* | $21,000     | 4%            | 30 days      |
| May 19       | $68,000     | 8%            | 45 days      |
| August 20    | $34,400     | 5%            | 90 days      |
| October 19   | $50,000     | 7%            | 90 days      |

*Assume a leap year in which February has 29 days.*

**Instructions:**  
- Calculate the due date for each note based on its term.
- Compute the interest due on each note at maturity. 

Note: The leap year affects the calculation of time spans that include February.
Transcribed Image Text:**Exercise 8-19: Determine Due Date and Interest on Notes** **Objective:** Determine the due date and the amount of interest due at maturity on the following notes. **Table Overview:** | Date of Note | Face Amount | Interest Rate | Term of Note | |--------------|-------------|---------------|--------------| | January 5* | $90,000 | 6% | 120 days | | February 15* | $21,000 | 4% | 30 days | | May 19 | $68,000 | 8% | 45 days | | August 20 | $34,400 | 5% | 90 days | | October 19 | $50,000 | 7% | 90 days | *Assume a leap year in which February has 29 days.* **Instructions:** - Calculate the due date for each note based on its term. - Compute the interest due on each note at maturity. Note: The leap year affects the calculation of time spans that include February.
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