Complete the following, using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Roundthe "Interest" and "Maturity value" to the nearest cent.)Principal Interest rate$2,0008%Date borrowedMar. 08Date repaidJune 25Exact timeInterestMaturity value TABLEDay ofmonth12345678910111213141516171819202122232425267-1272829303131Jan.123456.789101213141516171819202122232425Exact days-in-a-year calendar (excluding leap year)26272829303128Feb.32333435363738394041424344454647484950515253545556575859"Often referred to as a Julian calendar.31Mar.STRANKAKK6061626364656667686970717273747576777879808182838485868788899030Apr.919293949596979899100101102103104105106107108109110111112113114115116117118119120-31May121122123124125126127128129130131132133134135136137138139140141114214314414514614714814915015130June31July164165166167168169170171172173174175176177178179180181182183184152153154155156157158159189160190161191162192163 19318518618718819419519619719819920020120220320420520620720820921021121231Aug.21321421521621721821922022122222322422522622722822923023123223323423523623723823924024124224330Sept.244245246247248249250251252253254255256257258259260261262263264265266267268269270271272273-31Oct.27427527627727827928028128228328428528628728828929029129229329429529629729829930030130230330430Nov.30530630730830931031131231331431531631731831932032132232332432532632732832933033133233333431Dec.335336337338339340341342343344345346347348349350351352353354355356357358359360361362363364365

Solution: Interest amount is computed as = Principal * Interest rate * Nos of days / 360 Maturity…

Complete the following, using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Ro the "Interest" and "Maturity value" to the nearest cent.) Principal Interest rate $ 8% 2,000 Date borrowed Mar. 08 Date repaid Exact time June 25 Interest Maturity value

Complete the following, using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Ro the "Interest" and "Maturity value" to the nearest cent.) Principal Interest rate $ 8% 2,000 Date borrowed Mar. 08 Date repaid Exact time June 25 Interest Maturity value

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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.)
Principal Interest rate
$
2,000
8%
Date borrowed
Mar. 08
Date repaid
June 25
Exact time
Interest
Maturity value

TABLE
Day of
month
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
7-1
27
28
29
30
31
31
Jan.
1
2
3
4
5
6
.7
8
9
10
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Exact days-in-a-year calendar (excluding leap year)
26
27
28
29
30
31
28
Feb.
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
"Often referred to as a Julian calendar.
31
Mar.
STRANKAKK
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
30
Apr.
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
-
31
May
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
1411
142
143
144
145
146
147
148
149
150
151
30
June
31
July
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
152
153
154
155
156
157
158
159
189
160
190
161
191
162
192
163 193
185
186
187
188
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
31
Aug.
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
30
Sept.
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
-
31
Oct.
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
30
Nov.
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
31
Dec.
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365

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