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28 July, 14:14

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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  1. 28 July, 15:13
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    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
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