QS 7-12 (Algo) Computing note interest and maturity date LO C2 Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note Contract Date 1. March 3 Principal $ 12,000 Interest Rate Period of Note (Term) 6% 60 days 2. May 17 3. October 22 17,000 10,000 84 90 days 45 days Contract Date Maturity Month Interest Maturity Date Expense 1. March 3 May 17 2. May 17 August 3. October 22 December
QS 7-12 (Algo) Computing note interest and maturity date LO C2 Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note Contract Date 1. March 3 Principal $ 12,000 Interest Rate Period of Note (Term) 6% 60 days 2. May 17 3. October 22 17,000 10,000 84 90 days 45 days Contract Date Maturity Month Interest Maturity Date Expense 1. March 3 May 17 2. May 17 August 3. October 22 December
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![QS 7-12 (Algo) Computing note interest and maturity date LO C2
Determine the maturity date and compute interest for each note.
Note: Use 360 days a year. Do not round intermediate calculations.
Note
Contract Date
1.
March 3
Principal
$ 12,000
Interest
Rate
Period of
Note (Term)
6%
60 days
2.
May 17
3.
October 22
17,000
10,000
84
90 days
45 days
Contract Date
Maturity Month
Interest
Maturity Date
Expense
1. March 3
May
17
2. May 17
August
3. October 22
December](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7535ed58-c701-4b57-be74-059806601849%2F4ed26c76-e43c-4587-baa5-02ee229ad3fd%2Fvw7u1lw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QS 7-12 (Algo) Computing note interest and maturity date LO C2
Determine the maturity date and compute interest for each note.
Note: Use 360 days a year. Do not round intermediate calculations.
Note
Contract Date
1.
March 3
Principal
$ 12,000
Interest
Rate
Period of
Note (Term)
6%
60 days
2.
May 17
3.
October 22
17,000
10,000
84
90 days
45 days
Contract Date
Maturity Month
Interest
Maturity Date
Expense
1. March 3
May
17
2. May 17
August
3. October 22
December
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