Given the following information concerning a promissory note: Principal = $8,700 Interest Rate = 13% Interest = $377 Determine the term of the note (use 360 days).
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- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseThe interest on a $29000, 6%, 90-day note receivable isCalculate the amount of interest to be charged on a $12,000, 8.5%, 90-day interest-bearing note.
- Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 9 6 months $1,575What is the amount of total interest earned on a note receivable based on the following information: Principal 25,000 Annual Interest Rate 4.00% Term (in days) 90Compute interest and find the maturity date for the following notes. (a) date of note: June 10 Principal: $80,000 Interest Rate: 6% Term: 60 days (b) Date of Note: July 14 Principal: $50,000 Interest Rate: 7% Term: 90 days (c) Date of Note: April 27 Principal:$12,000 Interest Rate: 8% Term: 75 days
- The interest on a $ 21000, 6%, 60-day note receivable is (Use 360 days for calculation.) $ 210. $ 630. $ 420. $ 1260.Can you please answer the financial accounting question?Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates of notes Terms Principal Interest Rate a. April 17 45 days 48,000 3% b. August 11 2 months 72,000. 7% Maturity date. Interest a. ? $? b. ? $?
- Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) $ +A 8 Time Interest 14/1/2 years $1,080Compute the maturity value as indicated for each of the following notes receivable. A. A $9,000, 6%, 3-month note dated July 20. Maturity value $____________. B. A $16,000, 9%, 150-day note dated August 5. Maturity value $____________.Determine the maturity date and compute interest for each note.