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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 5 * $90,000 6% 120 days
b. February 15 * 21,000 4 30 days
c. May 19 68,000 8 45 days
d. August 20 34,400 5 90 days
e. October 19 50,000 7 90 days
* Assume a leap year in which February has 29 days.

Assume 360 days in a year when computing the interest.

Note Due Date Interest
(a) May 4
(b) Mar. 16
(c) July 3
(d) Nov. 18
(e) Jan. 17

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 5 90000 6 class=

Respuesta :

i think the answer is c. july 3rd !
chloeroebuck2021
Amount of interest = face amount x [interest rate x (term of note / 360)]

(a) 90,000 x 0.06 x (120/360)
(b) 21,000 x 0.04 x (30/360)
(c) 68,000 x 0.08 x (45/360)
(d) 34,400 x 0.05 x (90/360)
(e) 50,000 x 0.07 x (90/360)

Remember the interest rate is stated on an annual basis, while the term is expressed as days

(a) $1,800
(b) $70
(c) $680
(d) $430
(e) $875

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