The following are data on three promissory notes. Determine the missing amounts. (Round answers to 0 decimal places, e.g. 5,275. Use 360 days for calculation.) Date of Note Terms Maturity Date Principal Annual Interest Rate Total Interest (a) April 1 60 days select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 $716,400 5 % $enter a dollar amount (b) July 2 30 days select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 90,000 enter percentages % $600 (c) March 7 6 months select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 124,800 9 % $enter a dollar amount
The following are data on three promissory notes. Determine the missing amounts. (Round answers to 0 decimal places, e.g. 5,275. Use 360 days for calculation.) Date of Note Terms Maturity Date Principal Annual Interest Rate Total Interest (a) April 1 60 days select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 $716,400 5 % $enter a dollar amount (b) July 2 30 days select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 90,000 enter percentages % $600 (c) March 7 6 months select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 124,800 9 % $enter a dollar amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I could use some help with this problem from my study guide specificly on annual interest rate and total interest thank you
The following are data on three promissory notes.
Determine the missing amounts. (Round answers to 0 decimal places, e.g. 5,275. Use 360 days for calculation.)
|
Date of Note
|
Terms
|
Maturity
Date |
Principal
|
Annual
Interest Rate |
Total
Interest |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (a) | April 1 | 60 days | select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 | $716,400 | 5 | % | $enter a dollar amount | ||||||
| (b) | July 2 | 30 days | select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 | 90,000 | enter percentages | % | $600 | ||||||
| (c) | March 7 | 6 months | select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 | 124,800 | 9 | % | $enter a dollar amount |
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