Term of a Note Calculate total time in days for the following notes. (Assume there are 28 days in February.) Date of Note Due Date Time in Days 67 x May 9 August 18 July 17 October 1 40 x July 7 September 5 55 X December 14 March 29 January 8 February 5 51 X May 16 50 X March 18 69
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- TERM OF A NOTE Calculate total time in days for the following notes. (Assume there are 28 days in February.)For each notes receivable determine the interest revenue to be reported on the income statement for the year ended December 31. Use 360 days in your computations. date Face Rate% Term aug. 8. 45000. %7. 45days Oct. 7 62000 5 60 jan 6 28000 4 120 nov 12 43000 6 60Presented below are the data on three promissory notes. Determine the missing amounts (round answers to 0 decimal places, e.g. 125 Assume length of year = 360 days.)Date ofNote Terms Maturity Principal Annual Interest Total Interest Date RateApril 1 60 days ? $605,200 11% ? July 2 30 days ? 94,530 ? $630March 7 6 months ? 112,550 11% ?
- Compute the maturity date and interest for the following notes.( use 360 days for calculation) Dates of notes Terms Principal Interest Rate a. April 17 45 days 48,000 3% b. August 11 2 months 72,000. 7% Maturity date. Interest a. ? $? b. ? $?Term of a Note Calculate total time in days for the following notes. (Assume there are 28 days in February.) Date of Note Due Date Time in Days May 10 July 17 fill in the blank 1 August 21 October 1 fill in the blank 2 July 12 September 5 fill in the blank 3 December 17 February 5 fill in the blank 4 March 26 May 16 fill in the blank 5 January 9 March 18 fill in the blank 6From the information given below, determine the due date for the following notes: Date Issued Term of the Note Due Date 1. January 1 30 days __________ 2. January 15 30 days __________ 3. March 20 60 days __________ 4. March 20 3 months __________ 5. June 18 90 days __________ Compute the amount of accrued interest on the following notes: Principal InterestRate Time AccruedInterest 6. $7,800 9.0% 75 days __________ 7. 3,600 12.5% 45 days __________ 8. 2,700 9.9% 90 days __________ 9. 4,300 6.2% 6 months __________ 10. 5,500 11.0% 120 days __________ Compute the number of days from the issue date to the maturity date for the following notes: Issue Date Maturity Date Term of the Note 11. March 14, 2020 June 12, 2020 __________ 12. September 27, 2020 December 11, 2020 __________ 13. November 11, 2020 March 14, 2021 __________ 14.…
- Determine Due Date and Interest on Notes 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 10* $40,000 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. Apr. 10 $ b. Sept. 15 c. July 5 d. Dec. 7 e. Jan. 19What is the due date of a $12,000 90-day, 8% note receivable dated August 5?On January 10, 20X2, a promissory note was signed with the principal of One hundred forty-five thousand forty-two and 34/100. This promissory is an interest-bearing note at 7% and shall be paid on September 15, 20X2. Find the final amount at the end of the load period.(Use banker’s rule)
- 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 10* $40,000 5% 90 days b. March 19 18,000 8 180 days c. June 5 90,000 7 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. 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 10Determine the interest and due dates on notes Cora Company had the following notes this year: Date of Note Face Amount Interest Rate Term of Note Due Date Interest Due a. April 24 $70,000 3% 90 days b. July 13 30,000 4% 60 days c. August 9 40,000 5% 120 days Required Determine the due dates and interest due for each of the notes by completing the schedule above.Find the simple interest for the following: A promissory note for $8500 at 7.3% made onSeptember 22nd and due March 6. [Give answer to two decimal places]