Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.) Date of Note April 1 July 2 March 7 Terms 60 days 30 days 6 months Maturity Date ♦ + + Principal $510,000 70,000 111,000 Annual Interest Rate 7 % % 8 % $ $ Total Interest $350
Presented below are data on three promissory notes. Determine the missing amounts. (Use 360 days for calculation.) Date of Note April 1 July 2 March 7 Terms 60 days 30 days 6 months Maturity Date ♦ + + Principal $510,000 70,000 111,000 Annual Interest Rate 7 % % 8 % $ $ Total Interest $350
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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am. 113.
Transcribed Image Text:Presented below are data on three promissory notes.
Determine the missing amounts. (Use 360 days for calculation.)
Date
of
Note
Terms
Maturity Date
Principal
Annual Interest Rate
April
1
60
$510,000
7 %
$
days
30
July 2
70,000
%
days
March
7
6
111,000
8%
$
months
Total Interest
$350
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