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 19 $ 28,000 6 % 60 days 2. May 11 33,000 8 90 days 3. October 20 21,000 4 45 days

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Aryana Horton

23 March, 11:37

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 19 $ 28,000 6 % 60 days 2. May 11 33,000 8 90 days 3. October 20 21,000 4 45 days

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Berry · Answer 1

The determination of the maturity date and the interest for each notes is as follows

Contract date Maturity Month Maturity Date Interest expenses

March 19 May 18 $280

May 11 August 9 $660

October 20 December 4 $105

For March 19, the interest expense calculation is

= $28000 * 6% * 60 days : 360 days

= $280

For May 11, the interest expense calculation is

= $33,000 * 8% * 90 days : 360 days

= $660

For October 20, the interest expense calculation is

= $21000 * 4% * 45 days : 360 days

= $105