Maturity Dates of Notes PayableDetermine 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 $17,000 8% 120 days b. May 10 10,400 7% 90 days c. October 20 14,000 9% 60days d. July 6 6,500 10% 75 days e. September 15 15,500 8% 75 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. Answer Answer Answer b. Answer Answer Answer c. Answer Answer Answer d. Answer Answer Answer e. Answer Answer Answer
Maturity Dates of Notes PayableDetermine 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 $17,000 8% 120 days b. May 10 10,400 7% 90 days c. October 20 14,000 9% 60days d. July 6 6,500 10% 75 days e. September 15 15,500 8% 75 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. Answer Answer Answer b. Answer Answer Answer c. Answer Answer Answer d. Answer Answer Answer e. Answer Answer Answer
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 | $17,000 | 8% | 120 days | |
| b. | May 10 | 10,400 | 7% | 90 days | |
| c. | October 20 | 14,000 | 9% | 60days | |
| d. | July 6 | 6,500 | 10% | 75 days | |
| e. | September 15 | 15,500 | 8% | 75 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. | Answer | Answer | Answer |
| b. | Answer | Answer | Answer |
| c. | Answer | Answer | Answer |
| d. | Answer | Answer | Answer |
| e. | Answer | Answer | Answer |
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