Time Spent: 00:00:20 Time Limit: Unlimited Started At: Apr 9,2018 9:20 AM Last W

Question

Time Spent: 00:00:20 Time Limit: Unlimited Started At: Apr 9,2018 9:20 AM Last Worked: Apr 9, 2018 9.20 AM Submitted At: Not Submitted Submitted By: Not Submitted 1 /Unlimited Take in progress Preview In Window Large Pre Selected Item Attempt Preview Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the folloning notes: Face Amount Interest Rate Term of Note Date of Note a. January 10* b. March 19 c. June 5 d. September 8 $40,000 18,000 90,000 6,000 27,000 90 days 180 days 30 days 90 days 60 days November 20 - February 2016 has 28 days Assume 360 days in a year when computing the interest. Note Due Date a e Life Pla?

Explanation / Answer

Ans:

(*) add date + term and subract total days in each month till it comes to date in particular month

Example of first one - 10 + 90 = 100

subract 31 days first as jan contains 31 days ( 100 -31 = 69 ( it cannot fall in any month so forward the process

69 - 28 = 41 ( as feb contains 28 days, 41 cannot fall in any month so forward the process)

41 - 31 = 10 ( as march contains 31 days , 10 remaining it can fall in a month , the next month is april , so due date is April 10.

Date of note Term Due date Calculation (*) a January, 10 90 April, 10 10+90-31-28-31 b March, 19 180 September,16 19+180-31-30-31-30-31-30 c June, 5 30 July,5 35-30 d September, 8 90 December,7 8+90-30-31-30 e November,20 60 January,19 20+60-30-31

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