QS 7-12 (Algo) Computing note interest and maturity date LO C2Determine the maturity date and compute interest for each note.Note: Use 360 days a year. Do not round intermediate calculations.NoteContract Date1.March 3Principal$ 12,000InterestRatePeriod ofNote (Term)6%60 days2.May 173.October 2217,00010,0008490 days45 daysContract DateMaturity MonthInterestMaturity DateExpense1. March 3May172. May 17August3. October 22December

Contract dateMaturity MonthMaturity DateInterest expenseMarch 3 + 60 (term) May 212000 * 0.06 *…

Answered: QS 7-12 (Algo) Computing note interest…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hide or show questions Progress:28/29 items Determine the due date and amount of interest due at maturity on the following notes. Assume 360 days per year. OriginationDate FaceAmount Termof Note InterestRate MaturityDate InterestAmount a. Mar. 15 $8,000 60 days 9% $fill in the blank 2 b. May 1 $12,000 90 days 8% $fill in the blank 4
QS 7-12 (Algo) Computing note interest and maturity date LO C2 Determine the maturity date and compute interest for each note. (Use 360 days a year. Do not round intermediate calculations.) Note Contract Date Principal Interest Rate Period of Note (Term) 1. March 5 $ 15,000 7% 60 days 2. May 19 20,000 9 90 days 3. October 24 12,000 5 45 days
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.
A B E 2 Determine the maturity date and compute interest for each note. 3 Days to be used per year 360 days 4 Note Contract Date Principal Interest Rate Period of Note (Term) 6. 1 1-Mar $10,000 6% 60 days 7 2 15-May 15,000 8% 90 days 8 3 20-Oct 8,000 4% 45 days 9. 10 Required: 11 12 (Use cells A5 to F8 from the given information to complete this question.) 13 14 Note Contract Date Maturity Date Interest Expense 15 16 17 3 18
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 5* $87,000 6% 120 days b. February 15* 27,000 4 30 days c. May 19 65,000 8 45 days d. August 20 32,000 5 90 days e. October 19 A 48,000 7 90 days *Assume a non-leap year in which February has 28 days. Assume 360 days in a year when computing the interest. Note a. b. C. d. e. Due Date Interest
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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 e. November 20 27,000 4 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest a. Apr. 10 $ b. Sept. 15 c. July 5 d. Dec. 7 e. Jan. 19
Determine the due date and amount of interest due at maturity on the following notes. Assume 360 days per year. OriginationDate FaceAmount Termof Note InterestRate MaturityDate InterestAmount a. Mar. 15 $8,000 60 days 9% $fill in the blank 2 b. May 1 $12,000 90 days 8% $fill in the blank 4
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