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 Due Date Interest (1) Jun 1 $20,000 3% 40 days (2) June 30 9,000 3% 180 days (3) March 30 12,000 5% 45 days (4) March 1 10,000 5% 60 days (5) January 15 8,000 4% 60 days
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 Due Date Interest (1) Jun 1 $20,000 3% 40 days (2) June 30 9,000 3% 180 days (3) March 30 12,000 5% 45 days (4) March 1 10,000 5% 60 days (5) January 15 8,000 4% 60 days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 |
Due Date |
Interest |
(1) |
Jun 1 |
$20,000 |
3% |
40 days |
|
|
(2) |
June 30 |
9,000 |
3% |
180 days |
|
|
(3) |
March 30 |
12,000 |
5% |
45 days |
|
|
(4) |
March 1 |
10,000 |
5% |
60 days |
|
|
(5) |
January 15 |
8,000 |
4% |
60 days |
|
|
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