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 90 days 5% b. March 19 18,000 8 180 days C. June 5 90,000 7 30 days d. September 8 e. November 20 36,000 90 days 27,000 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. b. С. d. е.
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 90 days 5% b. March 19 18,000 8 180 days C. June 5 90,000 7 30 days d. September 8 e. November 20 36,000 90 days 27,000 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. b. С. d. е.
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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![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
November 20
27,000
60 days
е.
*Assume that February has 28 days.
Assume 360-days in a year when computing the interest.
Note
Due Date
Interest
a.
С.
d.
е.
II
b.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e281a56-72cc-46d8-9143-bb4dda6b993a%2Fa3100a37-9506-45f4-994b-b9735c70ebd7%2Fzxzzosw_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
November 20
27,000
60 days
е.
*Assume that February has 28 days.
Assume 360-days in a year when computing the interest.
Note
Due Date
Interest
a.
С.
d.
е.
II
b.
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