Question

Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar. Date of Note Face Amount Interest Rate Term of Note a. January 15 $50,000 6 % 30 days b. April 1 27,000 4 90 days c. June 22 30,000 6 45 days d. August 30 90,000 8 120 days e. October 16 72,000 5 50 days

Answer 1

Due Date and Interest on Notes

Date of Note Face Interest Term of Due Date Interest

Amount Rate Note

a. January 15 $50,000 6 % 30 days Feb. 14 $250

b. April 1 27,000 4 90 days June 30 $270

c. June 22 30,000 6 45 days Aug. 18 $225

d. August 30 90,000 8 120 days Jan. 27 $2,400

e. October 16 72,000 5 50 days Dec. 21 $500

Step-by-step explanation:

a) Data and Calculations:

Date of Note Face Interest Term of Due Date Interest

Amount Rate Note

a. January 15 $50,000 6 % 30 days Feb. 14 $250 (50,000*6%*30/360)

b. April 1 27,000 4 90 days June 30 $270 (27,000*4%*90/360)

c. June 22 30,000 6 45 days Aug. 18 $225 (30,000*6%*45/360)

d. August 30 90,000 8 120 days Jan. 27 $2,400 (90,000*8%*120/360)

e. October 16 72,000 5 50 days Dec. 21 $500 (72,000*5%*50/360)