Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note Contract Date 1. March 4 2. May 18 3. October 23 Contract Date 1. March 4 2. May 18 3. October 23 Principal $ 18,000 18,000 11,000 Maturity Month May August : December Interest Rate 5% 7 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense

Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note Contract Date 1. March 4 2. May 18 3. October 23 Contract Date 1. March 4 2. May 18 3. October 23 Principal $ 18,000 18,000 11,000 Maturity Month May August : December Interest Rate 5% 7 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter8: Receivables

Section: Chapter Questions

Problem 8.19EX: Determine due date and interest on notes Determine the due date and the amount of interest due at...

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