Simple and Compound Interesta. For each of the following notes, calculate the simple interest due at the end of the term.Round to the nearest dollar.NotePrincipalRateTerm1$18,0004%6 years2$18,0006%4 years3$18,0008%3 years Note 1Answer Note 2Answer Note 3Answer b. Compute the amount of interest due at the end of the term for each of the above notes assuming interest is compounded annually.Use Excel or a financial calculator for your computations. Round your answer to the nearest dollar.Note 1Answer Note 2Answer Note 3Answer

Present value method is used to evaluate the different level of investment projects. With the help…

Answered: Note Principal Rate Term 1 $18,000 4% 6…

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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Simple and Compound Interest
a. For each of the following notes, calculate the simple interest due at the end of the term.

Round to the nearest dollar.

Note	Principal	Rate	Term
1	$18,000	4%	6 years
2	$18,000	6%	4 years
3	$18,000	8%	3 years

Note 1	Answer
Note 2	Answer
Note 3	Answer

b. Compute the amount of interest due at the end of the term for each of the above notes assuming interest is compounded annually.
Use Excel or a financial calculator for your computations. Round your answer to the nearest dollar.

Note 1	Answer
Note 2	Answer
Note 3	Answer

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