Question
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 $.
Homework Answers
Answer #1
Answer:
Calculation of interest:
a.
Principal = $12,000
Term = 160 days
Interest Rate = 8%
Interest = 12000 * 8% * 160/360
= $427
b.
Principal = $33600
Term = 130 days
Interest Rate = 7%
Interest = 33600 * 7% * 130/360
= $849
c.
Principal = $48,000
Term = 85 days
Interest Rate = 9%
Interest = 48000 * 9% * 85/360
= $1,020
d.
Principal = $9,000
Term = 100 days
Interest Rate = 10%
Interest = 9000 * 10% * 100/360
= $250
e.
Principal = $18,000
Term = 115 days
Interest Rate = 8%
Interest = 18000 * 8% * 115/360
= $460
Not the answer you're looking for?
Similar Questions
Determine Due Date and Interest on Notes Determine the due date and the amount of interest...
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...
Accrued Interest Payable Compute the interest accrued on each of the following notes payable owed by...
Accrued Interest Payable
Compute the interest accrued on each of the following notes payable
owed by Northland, Inc., on December 31:
Use 360 days for calculations and round the nearest dollar.
Lender
Date of Note
Principal
Interest Rate
(%)
Term
Maple
November 21
$21,000
10%
120 days
Wyman
December 13
17,000
9%
60 days
Nahn
December 19
19,000
12%
90 days
Lender
Accrued Interest
Maple
$Answer
Wyman
Answer
Nahn
Answer
16. Equity Financial Corp. discounted the following two interest-bearing notes. Compute the missing information (use a...
16. Equity Financial Corp. discounted the following two
interest-bearing notes. Compute the missing information (use a
360-day year).
a.
Face Value
$6,800
b.
Face Value
$3,000
Date of Note
April 16
Date of Note
October 28
Interest Rate
10%
Interest Rate
9%
Time to Run
105 days
Time to Run
45 days
Discount Date
May 31
Discount Date
November 12
Discount Rate
15%
Discount Rate
12%
Interest Amount
Interest Amount
Maturity Value
Maturity Value
Maturity Date
Maturity Date
Days of...
Pharoah Co. has the following notes receivable outstanding at December 31, 2021: Issue Date Term Principal...
Pharoah Co. has the following notes receivable outstanding at
December 31, 2021:
Issue Date
Term
Principal
Interest Rate
1. August 31, 2021
5 months
$19,200
3%
2. February 1, 2021
12 months
33,600
3%
3. October 31, 2021
6 months
10,800
4%
Interest on each of the above notes is payable at maturity.
Calculate the interest revenue that Pharoah Co. will report on
its income statement for the year ended December 31, 2021. Indicate
where this will be presented on...
Question 2 Compute the unknowns for the following transactions dealing with interest on notes receivable....
Question
2
Compute the unknowns for the following
transactions dealing with interest on notes receivable.
365 days per year. Round your answers
to the nearest dollar.
Principal Rate
Interest
Duration
Interest Value
Maturity
$10,000
10%
120 days
E
G
$25,000
12%
C
$2,515
H
A
6%
180 days
$2,959
I
$50,000
B
60 days
$493
J
$36,000
9%
D
F
$36,710
Vauxall Holdings showed the following information regarding its notes receivable: Note Date of Note Principal Interest...
Vauxall Holdings showed the following information regarding its
notes receivable:
Note
Date of Note
Principal
Interest Rate
Term
Maturity Date
Days of Accrued Interest at Dec. 31, 2017
Accrued Interest at Dec. 31, 2017
1
Nov. 1/16
$320,000
4.0%
180
days
2
Jan. 5/17
132,000
5.0%
90 days
3
Nov.
20/17
122,000
4.5%
45
days
4
Dec. 10/17
160,000
5.5%
30 days
Required:
For each of Vauxall Holdings note receivable given below:
(Use 365 days in a year. Do not...
Question 2 Compute the unknowns for the following transactions dealing with interest on notes receivable. 365...
Question 2
Compute the unknowns for the following transactions dealing with
interest on notes receivable. 365 days per year. Round your answers
to the nearest dollar.
Principal Rate
Interest
Duration
Interest Value
Maturity
$10,000
10%
120 days
E
G
$25,000
12%
C
$2,515
H
A
6%
180 days
$2,959
I
$50,000
B
60 days
$493
J
$36,000
9%
D
F
$36,710
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...
Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a...
Notes Receivable Entries
The following data relate to notes receivable and interest for
Owens Co., a financial services company. (All notes are dated as of
the day they are received.) Assume 360 days in a year.
Mar. 8.
Received a $96,000, 8%, 60-day note on account.
31.
Received a $19,200, 9%, 90-day note on account.
May 7.
Received $97,280 on note of March 8.
16.
Received a $70,800, 12%, 90-day note on account.
June 11.
Received a $36,000, 6%, 30-day...
The Colorado Springs Sunshine Bank received the following note during 2019: Note Issue Date Principal Interest...
The Colorado Springs Sunshine Bank received the following note
during 2019:
Note
Issue Date
Principal
Interest Rate
Term
#1
July 1
$20,000
10%
1 year
DO NOT USE Days to calculate the interest in this
problem. Round all calculations to the nearest whole
dollar.
Format number answers with no dollar signs, commas or
decimals. Format maturity date like MM/DD/YYYY, i.e. January 1,
2019 would be entered as 01/01/2019. Be sure to Include year of
maturity in the maturity date.
Note...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 15 minutes ago
asked 21 minutes ago
asked 21 minutes ago
asked 50 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago