Reference no: EM132644200
Question - Determine due date and interest on notes?
Determine the due date and the amount of interest due at maturity on the following notes:
Date of Note Face Amount Interest Rate Term of Note
a. January 5 *$88,000 4%120 days
b. February 15 *21,000 7 45 days
c. May 1967,000 5 45 days
d. August 2031,500 4 90 days
e. October 1950,000 6 90 days
Assume a leap year in which February has 29 days.
Assume 360 days in a year when computing the interest.