Problem 3 - Determine the maturity date and interest for a notes receivable |Amplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its maturity date. Purpose The purpose of this problem is to demonstrate an understanding of determining the maturity date and interest for a notes receivable transaction. |Instructions After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity |date. Guidance For guidance, see the examples that are provided in Chapter 8 of the textbook. Your Answers: 1. What is the maturity date of the note (include the month, day and year)? 2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)? 2(a). Show the work for your interest calculation:
Problem 3 - Determine the maturity date and interest for a notes receivable |Amplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its maturity date. Purpose The purpose of this problem is to demonstrate an understanding of determining the maturity date and interest for a notes receivable transaction. |Instructions After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity |date. Guidance For guidance, see the examples that are provided in Chapter 8 of the textbook. Your Answers: 1. What is the maturity date of the note (include the month, day and year)? 2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)? 2(a). Show the work for your interest calculation:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Problem 3 - Determine the maturity date and interest for a notes receivable
|Amplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its
maturity date.
| Рurpose
The purpose of this problem is to demonstrate an understanding of determining the maturity date and interest for a notes receivable
transaction.
|Instructions
After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity
|date.
Guidance
For guidance, see the examples that are provided in Chapter 8 of the textbook.
Your Answers:
1. What is the maturity date of the note (include the month, đay and year)?
2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)?
2(a). Show the work for your interest calculation:
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