FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Chapter 9 Exercises & Homework
eBook
Show Me How
Determine 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
a. January 10*
b.
March 19
C.
June 5
d. September 8
e. November 20
Face Amount
Interest Rate
Term of Note
$40,000
5%
90 days
18,000
8
180 days
90,000
7
30 days
36,000
3
90 days
27,000
4
60 days
*Assume that February has 28 days.
Assume 360-days in a year when computing the interest.
Note
a.
b.
C.
d.
Due Date
Interest
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Transcribed Image Text:Chapter 9 Exercises & Homework eBook Show Me How Determine 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 a. January 10* b. March 19 C. June 5 d. September 8 e. November 20 Face Amount Interest Rate Term of Note $40,000 5% 90 days 18,000 8 180 days 90,000 7 30 days 36,000 3 90 days 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note a. b. C. d. Due Date Interest
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