Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Face Amount Interest Rate Term of Note Date of Note January 10* $40,000 5% 90 days a. b. March 19 18,000 8. 180 days June 5 90,000 7 30 days C. d. September 8 36,000 3 90 days November 20 27,000 4 60 days e. *Assume that February has 28 days. Assume 360-days in a year when computing the interest.
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Face Amount Interest Rate Term of Note Date of Note January 10* $40,000 5% 90 days a. b. March 19 18,000 8. 180 days June 5 90,000 7 30 days C. d. September 8 36,000 3 90 days November 20 27,000 4 60 days e. *Assume that February has 28 days. Assume 360-days in a year when computing the interest.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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