Determine the maturity date and compute interest for each note. Note: Use 360 days a year. Do not round intermediate calculations. Note 1. 2. 3. Contract Date March 8 May 22 October 27 Contract Date 1. March 8 2. May 22 3. October 27 Principal $ 17,000 22,000 15,000 Maturity Month Interest Rate 6% 8 4 Maturity Date Period of Note (Term) 60 days 90 days 45 days Interest Expense
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- Determine the maturity date and compute interest for each note. Days to be used per year 360 days Note 1 2 3 Required: Note Contract Date HN3 1-Mar 15-May 20-Oct Principal Contract Date $10,000 15,000 8,000 (Use cells A5 to F8 from the given information to complete this question.) Maturity Date Interest Expense Interest Rate 6% 8% 4% Period of Note (Term) 60 days 90 days 45 daysDetermine the due date and amount of interest due at maturity on the following notes. Assume 360 days per year. Do not round intermediate calculations and round your final answers to the nearest dollar. 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 4Determine 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
- 1 . 3 L23456 Determine the maturity date and compute interest for each note. Days to be used per year 360 days 16 17 Note 1 2 3 Note Contract Date March 11 May 25 October 22 1 2 3 Principal 9 0 Required Determine the maturity date and compute interest for each note. 1 $24,000 24,000 18,000 Interest Rate 5% 7% 4% Period of Note (Term) 60 days 90 days 45 days Contract Date Maturity Date Interest Expense Mar 11 May 25 Oct 22.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 daysHide 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
- Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. If the note is issued with a 45-day term, journalize the entries to record: the issuance of the note. the payment of the note at maturity. 1. fill in the blank a37cc101b03af8c_2 fill in the blank a37cc101b03af8c_3 fill in the blank a37cc101b03af8c_5 fill in the blank a37cc101b03af8c_6 2. fill in the blank a37cc101b03af8c_8 fill in the blank a37cc101b03af8c_9 fill in the blank a37cc101b03af8c_11 fill in the blank a37cc101b03af8c_12 fill in the blank a37cc101b03af8c_14 fill in the blank a37cc101b03af8c_15 b. If the note is issued with a 90-day term, journalize the entries to record: the issuance of the note. the payment of the note at maturity. 1. fill in the blank addbbd064fa6f8c_2 fill in the blank addbbd064fa6f8c_3 fill in…Complete the following, using exact interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.) Principal Interest rate Date borrowed Date repaid Exact time Interest Maturity value $650 5% June 21 Dec. 24 $ %24 3 of 14Complete the following, using ordinary interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.) Maturity value Principal Interest rate Date borrowed Date repaid $1,500 Exact time Interest 8% Mar. 12 June 15 95 %24 %24 **** T:..
- Compute interest and find the maturity date for the following notes. (Round intermediate calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275. Use 360 days for calculation.) (a) (b) (c) Date of Note June 10 July 14 April 27 Principal $90,000 $64,800 $43,200 Interest Rate (%) 6% 7% 8% Terms 60 days 90 days 75 days $ $ LA Interest IN Maturity Date 41.- Determine the maturity date and the amount at maturity (FMV), and the simple commercial interest of each of the following promissory notes (Use the table for the dates) Nominal value Initial date Term Ratea) $ 33,500 May 5 3 months 9%b) $ 82,000 March 15 90 days 8.75%c) $ 52,310 July 31 5 months 7.5%d) $184,000 September 8 150 days 11% NOTE: When referring to months, the expiration date is set on the same day of the initial month. Example: Starts on May 7 + three months = August 7. Note:The original exercise is in the image, it is in Spanish, but it is easy to understand. Another note:Please put the procedure explained, thank you very much for your attention bartleby expert!Complete the following, using exact interest. (Use Days in a year table.) (Do not round intermediate calculations. Round the "Interest" and "Maturity value" to the nearest cent.) Principal Interest rate Date borrowed Date repaid Exact time Interest Maturity value $ 670 8% June 8 Dec. 11