Determine the maturity date and compute the interest for each of the following n

Question

Determine the maturity date and compute the interest for each of the following not payable with add-on interest: Use 360 days for calculations and round to the nearest dollar. Term Date of note Principal $20,000 13,400 17,000 9,500 e. September 15 18,500 Interest Rate (%) a. August 5 b. May 10 c. October 20 d. July 6 8% 796 9% 10% 8% 120 days 90 days 45 days 60 days 75 days For the maturity date, select the appropriate month using the drop-down menu and the correct day next to the month using the fill-in the blank answer box. Maturity Date Interest a. December 533 b. August 235 c. December d. September 4 158 e. November 29

Explanation / Answer

Maturity date Interest C December 4 191 (17,000*9%*45/360) E November 29 308 (18,500*8%*75/360)

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