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9 November, 21:32

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 Maturity Rate Interest ($) August 5 $6,000 8 120 days December 3 $160 May 10 $16,800 7 30 days June 9 $98 October 20 $25,000 9 45 days December 4 $281.25 July 6 $4,500 11 60 days September 4 $82.50 September 15 $9,000 9 75 days November 29 $168.75

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  1. 10 November, 00:25
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    Maturity Date December 3 Interest $160 Maturity Date June 9 Interest $98 Maturity Date December 4 Interest $281.25 Maturity Date September 4 Interest $82.50 Maturity Date November 29 Interest $168.75

    Explanation:

    Working

    Principal of the Note * Annual Interest Rate * Time = Interest

    $6,000 * 8 * 120 days/360 = $160 $16,800 * 7 * 30 days/360 = $98 $25,000 * 9 * 45 days/360 = $281.25 $4,500 * 11 * 60 days/360 = $82.50 $9,000 * 9 * 75 days / 360 = $168.75

    Date of Note Principal Interest Rate (%) Term Maturity Rate Interest ($)

    August 5 $6,000 8 120 days $160

    Maturity Date December 3 Interest $160

    May 10 $16,800 7 30 days $98

    Maturity Date June 9 Interest $98

    October 20 $25,000 9 45 days $281.25

    Maturity Date December 4 Interest $281.25

    July 6 $4,500 11 60 days $82.50

    Maturity Date September 4 Interest $82.50

    September 15 $9,000 9 75 days $168.75

    Maturity Date November 29 Interest $168.75

    Maturity Date Computation=

    Days In August = 31

    Minus the date of Note = 5

    Days Remaining in August 26

    Add Days in September 30

    Add Days in October 31

    Add Days in November 30

    Maturity Date of Dec 3 3

    Period of the note in days 120 days

    Days In May = 31

    Minus the date of Note = 10

    Days Remaining in May 21

    Maturity Date of June 9 9

    Period of the note in days 30 days

    Days In October = 31

    Minus the date of Note = 20

    Days Remaining in October 11

    Add Days in November 30

    Maturity Date of Dec 4 4

    Period of the note in days 45 days

    Days In July = 31

    Minus the date of Note = 6

    Days Remaining in July 25

    Add Days in August 31

    Maturity Date of Sept 4 4

    Period of the note in days 60 days

    Days In September = 30

    Minus the date of Note = 15

    Days Remaining in September 15

    Add Days in October 31

    Maturity Date of Nov 29 29

    Period of the note in days 75 days
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