Problem 3 - Determine the maturity date and interest for a notes receivable |Amplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its maturity date. Purpose The purpose of this problem is to demonstrate an understanding of determining the maturity date and interest for a notes receivable transaction. |Instructions After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity |date. Guidance For guidance, see the examples that are provided in Chapter 8 of the textbook. Your Answers: 1. What is the maturity date of the note (include the month, day and year)? 2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)? 2(a). Show the work for your interest calculation:

Problem 3 - Determine the maturity date and interest for a notes receivable |Amplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its maturity date. Purpose The purpose of this problem is to demonstrate an understanding of determining the maturity date and interest for a notes receivable transaction. |Instructions After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity |date. Guidance For guidance, see the examples that are provided in Chapter 8 of the textbook. Your Answers: 1. What is the maturity date of the note (include the month, day and year)? 2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)? 2(a). Show the work for your interest calculation:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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