Presented below are data on three promissory notes.Determine the missing amounts. (Use 360 days for calculation. Do not round intermediate calculations.)Date of NoteTermsMaturityDatePrincipalAnnualInterest Rate60April 1$810,0006 %tA$days30July 270,800%days6March 7128,00010 %$monthsTotalInterest$590

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Answered: Presented below are data on three…

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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The following interest-bearing promissory note was discounted at a bank by the payee before maturity. Use the ordinary interest method, 360 days, to calculate the missing information. (Round dollars to the nearest cent.) Face Value Interest Rate (%) Date of Note Term of Note (days) Maturity Date Maturity Value (in $) $750 141 June 9 135 ---Select--- * $ 794.96 2 Date of Discount Discount Period (days) Sept. 5 × Discount Rate (%) 15.5 $ tA Proceeds (in $)
Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note 1. 2. 3. Contract Date March 8 May 22 October 27 Contract Date 1. March 8 2. May 22 3. October 27 Principal $ 17,000 22,000 15,000 Maturity Month Interest Rate 6% 8 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense
Determine the maturity date and compute the interest of each of the following notes: (use 360 days for interest calculation. Round to the nearest dollar) The options for the shaded blanks A - E are the months January through December.
Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal interest rate date borrowed date repaid exact time interest maturity value $1,500 12% May 15 January 16
Computing Accrued Interest Compute the interest accrued on each of the following notes receivable held by Northland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.) Maker Date ofNote Principal InterestRate Term Maple November 21 $180,000 6% 120 days Wyman December 13 140,000 7% 90 days Nahn December 19 210,000 5% 60 days Maple: Answer Wyman: Answer Nahn: Answer
1 Required: Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place.) Principal Amount on Notes Annual Interest Time Period Rate Interest Earned Receivable ok a S 65,000 11.4 % 6 months b. $ 43,000 % 9 months $ 3,483 C. 9.3 % 12 months $ 3,069 nces
am. 113.
The following are data on three promissory notes. Determine the missing amounts. (Round answers to O decimal places, e.g. 5,275. Use 360 days for calculation.) Maturity Date of Note Terms Date Principal (a) April 1 60 days $842,400 Annual Interest Rate 5 % $ (b) July 2 30 days 100,800 % (c) March 7 6 months 129,600 10 % $ 67 Total Interest $504
Required: Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place.) a. b. C. Principal Amount on Notes Receivable $ $ 50,000 40,000 Annual Interest Rate 12.0% % 9.0 % Time Period 6 months 9 months 12 months Interest Earned $ $ 3,600 2,700
Determine the due date and amount of interest due at maturity on the following notes: Origination Face Term Interest Maturity Interest Date Amount of Note Rate Date Amount (a) Mar. 15 $8,000 60 days 8% (b) May 1 $12,000 90 days 9%
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Determine the due date and the amount of interest due at maturity on the following notes: Date of note Face amount Interest Rate Term of Note a. January 6 b. March 23 40,000 9,000 9% 45 days 10 60 days c. May 30 12,000 12 90 days d. August 30 18,000 10 120 days e. October 1 10,500 8 60 days Due Date Interest a. Feb. 20 b. May 22 c. Aug. 28 d. Dec. 28 e. Nov. 30

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