Determine due date and interest on notes
determine the due date and the amount of inter...
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
* february 2016 has 28 days.
assume 360 days in a year when computing the interest.
Answers: 3
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