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Maturity Dates of Notes Payable Determine the maturity date and compute the interest for each of the following notes payable with add-on interest: Use 360 days for calculations and round to the nearest dollar. Date of note Principal Interest Rate (%) Term a. August 5 $19,000 8% 90 days b. May 10 12,400 7% 120 days c. October 20 16,000 9% 60 days d. July 6 e. September 15 8,500 17,500 10% 8% 70 days 45 days For the maturity date, select the appropriate month using the drop-down menu and enter the correct day next to the month using the fill-in the blank answer box. Maturity Date Interest $ a. b. C. d. Check

Maturity Dates of Notes Payable Determine the maturity date and compute the interest for each of the following notes payable with add-on interest: Use 360 days for calculations and round to the nearest dollar. Date of note Principal Interest Rate (%) Term a. August 5 $19,000 8% 90 days b. May 10 12,400 7% 120 days c. October 20 16,000 9% 60 days d. July 6 e. September 15 8,500 17,500 10% 8% 70 days 45 days For the maturity date, select the appropriate month using the drop-down menu and enter the correct day next to the month using the fill-in the blank answer box. Maturity Date Interest $ a. b. C. d. Check

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Maturity Dates of Notes Payable Determine the maturity date and compute the interest for each of the following notes payable with add-on interest: Use 360 days for calculations and round to the nearest dollar. Date of note Principal Interest Rate (%) Term a. August 5 $19,000 8% 90 days b. May 10 12,400 7% 120 days c. October 20 16,000 9% 60 days d. July 6 e. September 15 8,500 17,500 10% 8% 70 days 45 days For the maturity date, select the appropriate month using the drop-down menu and enter the correct day next to the month using the fill-in the blank answer box. Maturity Date Interest $ a. b. C. d. Check
Transcribed Image Text:Maturity Dates of Notes Payable Determine the maturity date and compute the interest for each of the following notes payable with add-on interest: Use 360 days for calculations and round to the nearest dollar. Date of note Principal Interest Rate (%) Term a. August 5 $19,000 8% 90 days b. May 10 12,400 7% 120 days c. October 20 16,000 9% 60 days d. July 6 e. September 15 8,500 17,500 10% 8% 70 days 45 days For the maturity date, select the appropriate month using the drop-down menu and enter the correct day next to the month using the fill-in the blank answer box. Maturity Date Interest $ a. b. C. d. Check
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