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Barry signed a $5,000, 75-day, 15% ordinary simple interest note on March 14. He made a partial payment of $2,500 on April 12. Find his payoff amount on maturity date of the note, according to the U.S. Rule.
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- Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?Berry signed a $5000 , 75 day, 15% ordinary simple interest note on March 14. He made a partial payment of $2500 on april 12;. Find his payoff amount on the maturity date of the note according to the us ruleRebecca signed a $6,000, 120-day, 14% exact simple interest note on May 6. She made partial payments of $1,000 on June 4, and $2,000 on July 3. Find her payoff amount on the maturity date of the note, according to the U.S. Rule.
- Frank Peterson owes $25,000 on a 6%, 180 day note. On day 15, he pays $6300 on the note. On day 50, he pays an additional $12,600. Based on the U.S. Rule, calculate the following. Adjusted balance after the first payment? Adjusted balance after the second payment? Balance at maturity?On 1 November, Year 1, Noble Co. borrowed P80,000 from South Bank and signed a 12%, six-month note payable, all due at maturity. The interest on this loan is stated separately. How much must Noble pay South Bank on 1 May, Year 2, when the note matures?Kent borrowed $6,500 on January 11 at 12.5% exact interest. He made payments of 1,000on February 16, and 1,500 on March 14. Find his payoff amount on April 10 according to the U.S Rule.
- Roni Lockard signed a $26,500 simple discount promissory note at a certain bank. The discount rate was 14%, and the note was made on February 18 (not in a leap-year) for 113 days What proceeds (in $) will Roni receive on the note? What is the maturity date of the note?Martinez Co. borrowed $50,000 on March 1 of the current year by signing a 60-day, 9%, interest-bearing note. Assuming a 360-day year, when the note is paid on April 30, the entry to record the payment should include aOn January 12021 Norwood borrows 590000 cash from a bank by signing a five year installment note bearing 7 percent interest the note requires equal payments of 143895 each year on December 31
- On October 31, Sarah Willis borrowed $5,600 from the Vestal Central Bank. She gave the bank her 90-day note for that amount. The note was dated october 31, and the exact interest rate was 12%. a-Find the date of maturity for the note. b-How much did Sarah pay to the bank on the maturity date?On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $150,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%.b. Determine the proceeds of the note, assuming the note is discounted at 10%.On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $51,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.$ b. Determine the proceeds of the note, assuming the note is discounted at 8%.$
