Question

On March 1 comma 2011March 1, 2011?, Matt'sMatt's Music renegotiated its overdue account balance of $...

On

March 1 comma 2011March 1, 2011?,

Matt'sMatt's

Music renegotiated its overdue account balance of

$ 2 comma 000$2,000

with

Bargain ElectronicsBargain Electronics

by signing a

three minus monththree?month

promissory note at an interest rate of

1010?%.

What is the principal amount of the? note? What is the due date of the? note? How much will

Matt'sMatt's

Music repay on the due date of the? note?

What is the principal amount of the? note?

The principal amount of the note is

?$nothing.

What is the due date of the? note?

The due date of the note is

June 1, 2011

.How much will

Matt'sMatt's

Music repay on the due date of the? note?

Select the formula and enter the amounts to calculate the payment due. ?(Round your answers to two decimal? places.)

+

=

Payment due

+

=
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Homework Answers

Answer #1

What is the principal amount of the? note?

The principal amount of the note is ?$2,000

What is the due date of the? note?

The due date of the note is June 1, 2011

.How much will Matt's Music repay on the due date of the? note?

Select the formula and enter the amounts to calculate the payment due. ?(Round your answers to two decimal? places.)

Prnincipal

+

Interest

=

Payment due

2000

+

2000 x 10% x 3/12

=

2000

+

50

=

2050
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