I could use some help with this problem from my study guide specificly on annual interest rate and total interest thank youThe following are data on three promissory notes.Determine the missing amounts. (Round answers to 0 decimal places, e.g. 5,275. Use 360 days for calculation.) Date of Note Terms MaturityDate Principal AnnualInterest Rate TotalInterest(a) April 1 60 days select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 $716,400 5% $enter a dollar amount (b) July 2 30 days select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 90,000 enter percentages% $600(c) March 7 6 months select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8 124,800 9% $enter a dollar amount

a. Interest = Principal x rate of interest x No. of days / 360 days =716400*5%*60/360 = $5,970 b.…

Answered: The following are data on three…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.12E

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I could use some help with this problem from my study guide specificly on annual interest rate and total interest thank you

The following are data on three promissory notes.

Determine the missing amounts. (Round answers to 0 decimal places, e.g. 5,275. Use 360 days for calculation.)

	Date of Note	Terms	Maturity Date	Principal	Annual Interest Rate		Total Interest
(a)	April 1	60 days	select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8	$716,400	5	%		$enter a dollar amount
(b)	July 2	30 days	select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8	90,000	enter percentages	%		$600
(c)	March 7	6 months	select a maturity date May 30May 31June 1July 31August 1August 2August 3September 6September 7September 8	124,800	9	%		$enter a dollar amount

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