Determine Due Date and Interest on NotesDetermine the due date and the amount of interest due at maturity on the following notes:Date of NoteFace AmountInterest RateTerm of Notea. January 10*$40,0005%90 daysb.March 1918,0008.180 daysC.June 590,000730 daysd. September 836,000390 daysNovember 2027,00060 daysе.*Assume that February has 28 days.Assume 360-days in a year when computing the interest.NoteDue DateInteresta.С.d.е.IIb.

Formulas: Due Date (Maturity Date) = Date of Note + term on the note (in days) Interest on Note =…

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 90 days 5% b. March 19 18,000 8 180 days C. June 5 90,000 7 30 days d. September 8 e. November 20 36,000 90 days 27,000 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. b. С. d. е.

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 90 days 5% b. March 19 18,000 8 180 days C. June 5 90,000 7 30 days d. September 8 e. November 20 36,000 90 days 27,000 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. b. С. d. е.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following loan. Round your answers to the nearest cent. Principal Rate (%) Time (days) Exact Interest Ordinary Interest $ $136,000 7.30 64 1,741 1,765
On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 30- day note with a face amount of $74,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%.
Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. Principal Interest rate 2,400 9% Date borrowed March 05 Date repaid Exact time June 15 Interest Maturity value
Just as a heads up in the question it mentions ordinary interest, ordinary interest is 360 days instead of the full 365 days a year
Complete the following, using ordinary interest. (Use Days in a year table.) Note: Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent. $ Principal 1,328 Interest rate 5% Date borrowed June 08 Date repaid January 19 Exact time Interest Maturity value
on nov, 1. Alan co. signed a 120 day, 12% note payable, with a fac valus of 9,900. what is the maturity value of the note on march 1? use 360 days a year
Determine the maturity date for the following note. Consider leap years as necessary. Date of Note Time Maturity Date July 9, 2009 180 days
On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $ \$ 44, 400 $. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of $8\% $. b. Determine the proceeds of the note, assuming the note is discounted at $8\% $,
Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400, and the cash proceeds received and available to use for the 60-day period is RO19600 what is the actual interest rate on this note? a. 12.24% b. 12.00% c. 10.00% d. 12.45%
Complete the following, using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.) Maturity value Principal Interest rate Date borrowed Date repaid $1,500 Exact time Interest 8% Mar. 12 June 15 95 %24 %24 **** T:..
Explain well with proper step by step Answer.
On June 8, Alton Co. issued an $75,537, 7%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar. Select the correct answer. $5,288$75,537$80,825$77,300