Determine the due date and the amount of interest due
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...
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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 5 * | $90,000 | 6% | 120 days | ||||
b. | February 15 * | 21,000 | 4 | 30 days | ||||
c. | May 19 | 68,000 | 8 | 45 days | ||||
d. | August 20 | 34,400 | 5 | 90 days | ||||
e. | October 19 | 50,000 | 7 | 90 days |
* Assume a leap year in which February has 29 days.
Assume 360 days in a year when computing the interest.
- Jan. 17
- Mar. 16
- May 4
- July 3
- Nov. 18
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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