Question

The maturity value of a $409000, 233-day, 11.1% note receivable is (two decimals):

The maturity value of a $409000, 233-day, 11.1% note receivable is (two decimals):

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Interest is annual so first we need to convert it into interest for 233 days.

Annual (Interest rate

11.1%

Effective interest rate for 233 days(11.1/365 x 233)

7.09%

Value of notes receivable at maturity = $ 437,998.10

*((409000)+(409000*7.09%))

Alternate solution assuming number of days in year to be 360

Annual (Interest rate

11.1%

Effective interest rate for 233 days(11.1/360 x 233)

7.18%

Value of notes receivable at maturity = $ 438,366.20

*((409000)+(409000*7.18%))

If your answer does not match please leave a comment help.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The maturity value of a $246,000, 4%, 45-day note receivable dated July 3, assuming a 360-day...
The maturity value of a $246,000, 4%, 45-day note receivable dated July 3, assuming a 360-day year, is A 60-day, 7% note for $6,600, dated April 15, is received from a customer on account. The face value of the note is
Note Receivable Same Day Surgery Center received a 120-day, 9% note for $24,000, dated April 9,...
Note Receivable Same Day Surgery Center received a 120-day, 9% note for $24,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Note Receivable Same Day Surgery Center received a 120-day, 9% note for $72,000, dated April 9...
Note Receivable Same Day Surgery Center received a 120-day, 9% note for $72,000, dated April 9 from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 7
Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $90,000, dated April 19,...
Entries for Notes Receivable Valley Designs issued a 90-day, 8% note for $90,000, dated April 19, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. July 18 b. Determine the maturity value of the note. $ Feedback The due date is the date the note is to be paid. Remember the interest rate is stated on an annual basis, while the term is expressed as...
Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 6% note for $36,000, dated...
Entries for Notes Receivable Spring Designs & Decorators issued a 120-day, 6% note for $36,000, dated April 13 to Jaffe Furniture Company on account. Assume a 360-day year when calculating interest. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c1. Journalize the entry to record the receipt of the note by Jaffe Furniture. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount...
Entries for Notes Receivable Valley Designs issued a 90-day, 6% note for $54,000, dated April 15,...
Entries for Notes Receivable Valley Designs issued a 90-day, 6% note for $54,000, dated April 15, to Bork Furniture Company on account. Assume 360 days in a year when computing the interest . a. Determine the due date of the note. July 14 b. Determine the maturity value of the note. $-------- c1. Journalize the entry to record the receipt of the note by Bork Furniture. Notes Receivable__________ Accounts Receivable-Valley Design_______ c2. Journalize the entry to record the receipt of...
Find the adjusted balance due at maturity for a 90 day note of ​$18 comma 000...
Find the adjusted balance due at maturity for a 90 day note of ​$18 comma 000 at 13.1​% ordinary interest if a partial payment of ​$6 comma 000 is made on the 60th day of the loan.
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of...
Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Use 360 days for interest calculation. Round to the nearest dollar.) Date of Note Principal Interest Rate Term a. August 5 $12,000 8% 160 days b. May 10 33,600 7% 130 days c. October 20 48,000 9% 85 days d. July 06 9,000 10% 100 days e. September 15 18,000 8% 115 days Maturity Date : Month ,Day ,Interest $.
On December 1st king corporation accepted a 120 day 6% 7300 note receivable from J Brown...
On December 1st king corporation accepted a 120 day 6% 7300 note receivable from J Brown in exchange for his account receivables
In exchange for lending cash, you have a note receivable with a face value (principle) of...
In exchange for lending cash, you have a note receivable with a face value (principle) of 10,000, no coupon, and a term of 3 years. Market interest is 8%. The exchange occured on Jan 1, 2018. Fiscal year end is Dec 31st. The firm uses effective interest to amortize any discounts. Round to the nearest dollar. What is the net value of the note receivable on Dec 31, 2018? What is the value of the related interest revenue on Dec...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT