Use the following information to answer questions 1-5. Determine the due date an

Question

Use the following information to answer questions 1-5.

Determine the due date and amount of interest due at maturity on the following notes:

Note 1- Dated March 1, $5,000, 60 day note, 9% interest
Note 2- Dated May 15, $9,000, 120 day note, 8% interest
Note 3- Dated May 30, $12,000, 90 day note, 12% interest

1. What is the Maturity Date for Note 1? (Points : 3) May 1
April 30
April 29
May 5

2. What is the amount of interest due at maturity for Note 1? (Points : 3) $75
$450
$37.50
$100

3. What is the Maturity Date for Note 2? (Points : 3) September 11
September 13
September 12
August 30

4. What is the amount of interest due at maturity for Note 2? (Points : 3) $72
$720
$60
$240

5. What is the amount of interest due at maturity for Note 3? (Points : 3) $300
$360
$1440
$120

Explanation / Answer

1.What is the Maturity Date for Note 1? (Points : 3) April 30 2.What is the amount of interest due at maturity for Note 1? (Points : 3) $75 3.What is the Maturity Date for Note 2? (Points : 3) September 12 4.What is the amount of interest due at maturity for Note 2? (Points : 3) $240 5.What is the amount of interest due at maturity for Note 3? (Points : 3) $360

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