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 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest.
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 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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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 | 5% | 90 days | ||||
b. | March 19 | 18,000 | 8 | 180 days | ||||
c. | June 5 | 90,000 | 7 | 30 days | ||||
d. | September 8 | 36,000 | 3 | 90 days | ||||
e. | November 20 | 27,000 | 4 | 60 days |
*Assume that February has 28 days.
Assume 360-days in a year when computing the interest.
Note | Due Date | Interest |
a. |
|
$fill in the blank 2 |
b. |
|
fill in the blank 4 |
c. |
|
fill in the blank 6 |
d. |
|
fill in the blank 8 |
e. |
|
fill in the blank 10 |
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