Questions
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question3.docxDetermine Due Date and Interest on Notes
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 |
||||
|
a. |
January 10* |
$40,000 |
|
|
5% |
90 days |
|
|
|
b. |
March 19 |
18,000 |
|
|
8 |
180 days |
|
|
|
c. |
June 5 |
90,000 |
|
|
7 |
30 days |
|
|
|
d. |
September 8 |
36,000 |
|
|
3 |
90 days |
|
|
|
e. |
November 20 |
27,000 |
|
|
4 |
60 days |
|
|
*Assume that February has 28 days.
Assume 360-days in a year when computing the interest.
|
Note |
Due Date |
Interest |
|
a. |
Apr. 10 |
$fill in the blank 2 |
|
b. |
Sept. 15 |
fill in the blank 4 |
|
c. |
July 5 |
fill in the blank 6 |
|
d. |
Dec. 7 |
fill in the blank 8 |
|
e. |
Jan. 19 |
fill in the blank 10 |
