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Compute the maturity value for each of the following notes: Required: 1. A note payable with a face amount of $31,000, dated June 15, 20X1, due in three months, bearing interest at 4 percent. 2. A note payable with a face amount of $25,000, dated May 5, 20X1, due in 30 days, bearing interest at 6 percent.

Compute the maturity value for each of the following notes: Required: 1. A note payable with a face amount of $31,000, dated June 15, 20X1, due in three months, bearing interest at 4 percent. 2. A note payable with a face amount of $25,000, dated May 5, 20X1, due in 30 days, bearing interest at 6 percent.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.12E
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Compute the maturity value for each of the following notes: Required: 1. A note payable with a face amount of $31,000, dated June 15, 20X1, due in three months, bearing interest at 4 percent. 2. A note payable with a face amount of $25,000, dated May 5, 20X1, due in 30 days, bearing interest at 6 percent. Complete this question by entering your answers in the tabs below. Required 1 Required 2 A note payable with a face amount of $31,000, dated June 15, 20X1, due in three months, bearing interest at 4 percent. (Round your "Interest rate" answer to two decimal places. i.e., 1% should be entered as 0.01.) Fraction of Principal x Interest Rate x Interest Year Maturity Value
Transcribed Image Text:Compute the maturity value for each of the following notes: Required: 1. A note payable with a face amount of $31,000, dated June 15, 20X1, due in three months, bearing interest at 4 percent. 2. A note payable with a face amount of $25,000, dated May 5, 20X1, due in 30 days, bearing interest at 6 percent. Complete this question by entering your answers in the tabs below. Required 1 Required 2 A note payable with a face amount of $31,000, dated June 15, 20X1, due in three months, bearing interest at 4 percent. (Round your "Interest rate" answer to two decimal places. i.e., 1% should be entered as 0.01.) Fraction of Principal x Interest Rate x Interest Year Maturity Value
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