Presented below are data on three promissory notes. Determine the missing amounts. (Round answers for Total Interest to 0 decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%.) Date of Note Terms Maturity Date Principal Annual Interest Rate Total Interest (a) April 1 60 days $605,200 11 % $enter total interest in dollars for promissory note A rounded to 0 decimal places (b) July 2 30 days 94,530 enter an annual interest rate for promissory note B rounded to 0 decimal places % $630 (c) March 7 6 months 112,550 11 % $enter total interest in dollars for promissory note C rounded to 0 decimal places
Presented below are data on three promissory notes. Determine the missing amounts. (Round answers for Total Interest to 0 decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%.) Date of Note Terms Maturity Date Principal Annual Interest Rate Total Interest (a) April 1 60 days $605,200 11 % $enter total interest in dollars for promissory note A rounded to 0 decimal places (b) July 2 30 days 94,530 enter an annual interest rate for promissory note B rounded to 0 decimal places % $630 (c) March 7 6 months 112,550 11 % $enter total interest in dollars for promissory note C rounded to 0 decimal places
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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Presented below are data on three promissory notes.
Determine the missing amounts. (Round answers for Total Interest to 0 decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%.)
Determine the missing amounts. (Round answers for Total Interest to 0 decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%.)
|
Date of Note
|
Terms
|
Maturity Date
|
Principal
|
Annual Interest Rate
|
Total Interest
|
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
(a)
|
April 1
|
60 days
|
$605,200
|
11
|
% |
$enter total interest in dollars for promissory note A rounded to 0 decimal places
|
|||||||
|
(b)
|
July 2
|
30 days
|
94,530
|
enter an annual interest rate for promissory note B rounded to 0 decimal places
|
% | $630 | |||||||
|
(c)
|
March 7
|
6 months
|
112,550
|
11
|
% |
$enter total interest in dollars for promissory note C rounded to 0 decimal places
|
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