Maturity Dates of Notes Payable Determine the maturity date and compute the inte

Question

Maturity Dates of Notes Payable
Determine the maturity date and compute the interest for each of the following notes payable with add-on interest:
Use 360 days for calculations and round to the nearest dollar.

For the maturity date, select the appropriate month using the drop-down menu and enter the correct day next to the month using the fill-in the blank answer box.

Date of note Principal Interest Rate (%) Term a. August 5 $18,000 8% 90 days b. May 10 11,400 7% 120 days c. October 20 15,000 9% 45 days d. July 6 7,500 10% 60 days e. September 15 16,500 8% 60 days

Explanation / Answer

Calculate maturity date and interest :

Maturity date Interest a. 3 November 18000*8%*90/360= 360 b 7 september 11400*7%*120/360 = 266 c 4 December 15000*9%*45/360 = 169 d 4 september 7500*10%*60/360 = 125 e 14 November 16500*8%*60/360 = 220

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