Maturity Dates of Notes Payable Determine the maturity date and compute the inte
ID: 2515112 • Letter: M
Question
Maturity Dates of Notes Payable Determine the maturity date and compute the interest for each of the following notes payable (Use 360 days for interest calculation.) Round your answers to the nearest whole number. Date of note Principal Interest Rate (%) Term a. July 10 bApril 4 C. May 19 d. June 10 e October 29 10,000 7,200 6,000 5,600 6,500 90 days 8 120 days 7.5 120 days 8 45 days 6 60 days For the maturity date, select the appropriate month using the drop-down menu and enter the correct day next to the blank answer box Maturity Date Interest b. d.Explanation / Answer
Calculations and formula used for interest:
For Northland:
1st we will compute the no. of days between date of note and 31st december:
On this basis we will compute the interest:
Formulas used in calculation:
Maturity date Interest ($) a October 8 162.00 b August 2 160.00 c September 16 140.00 d July 25 65.00 e December 28 100.00