Find detailed and accurate answers to your questions on IDNLearn.com. Ask any question and receive comprehensive, well-informed responses from our dedicated team of experts.
Sagot :
Answer:
Maturity Dates and Interests of Notes Receivable:
Date of Note Principal Interest Term Maturity Date
Rate Month Day Interest
a. August 5 $6,000 8% 130 days December 13 $173.33
b. May 10 16,800 7% 100 days August 18 326.67
c. October 20 24,000 9% 55 days December 14 330.00
d. July 06 4,500 10% 70 days September 14 87.50
e. September 15 9,000 8% 85 days December 9 170.00
Total $60,300 $1,087.50
Explanation:
a) Data and Calculations:
Date of Note Principal Interest Term Maturity Date
Rate Calculations
a. August 5 $6,000 8% 130 days Dec. 13(26+30+31+30+13)
b. May 10 16,800 7% 100 days Aug. 18 (21+30+31+18)
c. October 20 24,000 9% 55 days Dec. 14 (11+30+14)
d. July 06 4,500 10% 70 days Sept. 14 (25+31+14)
e. September 15 9,000 8% 85 days Dec. 9 (15+31+30+9)
Calculation of Interests:
a. = $173.33 ($6,000 * 8% * 130/360)
b. = $326.67 ($16,800 * 7% * 100/360)
c. = $330.00 ($24,000 * 9% * 55/360)
d. = $87.50 ($4,500 * 10% * 70/360)
e. = $170 ($9,000 * 8% * 85/360)
Your participation means a lot to us. Keep sharing information and solutions. This community grows thanks to the amazing contributions from members like you. Find clear and concise answers at IDNLearn.com. Thanks for stopping by, and come back for more dependable solutions.