Question

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 3 * $80,000 6% 120 days

b. February 20 * 27,000 4 30 days

c. May 24 62,500 8 45 days

d. August 30 30,000 5 90 days

e. October 4 40,000 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) $ (b) $ (c) $ (d) $ (e) $

Answer 1

ANSWER

Calculate due date and interest :

Note	Due date	Interest
(a)	2 May	80000*6%*120/360 = 1600
(b)	21 March	27000*4%*30/360 = 90
(c)	8 July	62500*8%*45/360 = 625
(d)	28 Nov	30000*5%*90/360 = 375
(e)	2 Jan	40000*7%*90/360 = 700

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