Calculate the Interest at December 31, 2013 The Company has signed note receivab
ID: 2519562 • Letter: C
Question
Calculate the Interest at December 31, 2013
The Company has signed note receivable with several customers. Please use the dates in a formula to calulate the number of days of interest to accrue. To calculate the accrued interest, the formula is (principal x rate x days interest is due/365). This will give you the interest earned for the period Days Interest Due Name Ball Black Brown Green Jones Moore Smith Ye Total Note Balance $5,000.00 $8,500.00 $7,000.00 $6,500.00 $ 2,000.00 $ 12,000.00 $ 3,375.00 2.500.00 $ 46,875.00 Rate 9.0% 8.0% 7 5%, 78% 8. 3% 70%, 8.5% 8.0% 4mount Accrued Date of Note 01/05/12 01/17/13 02/16/11 03/12/12 07/01/13 08/16/10 10/01/11 12/15/13 Interest Due Quarterly At maturity Quarterly Semiannually At maturity Quarterly Quarterly Monthly Note DueLast Payment 01/05/14 01/17/14 02/15/17 03/11/15 06/30/14 08/15/14 09/30/16 12/14/14 10/05/13 11/15/13 09/11/13 11/15/13 10/01/13Explanation / Answer
31-Dec-13 Name Note Balance Date of Note Intrest Due Note Due Last Payment Rate Days Interest Due Amount Accrued Ball $ 5,000.00 5-Jan-12 Quarterly 5-Jan-14 5-Oct-13 9.00% 87 $ 107.26 Black $ 8,500.00 17-Jan-13 At Maturity 17-Jan-14 8.00% 348 $ 648.33 Brown $ 7,000.00 16-Feb-11 Quarterly 15-Feb-17 15-Nov-13 7.50% 46 $ 66.16 Green $ 6,500.00 12-Mar-12 Semiannually 11-Mar-15 11-Sep-13 7.80% 111 $ 154.18 Jones $ 2,000.00 1-Jul-13 At Maturity 30-Jun-14 8.30% 183 $ 83.23 Moore $ 12,000.00 16-Aug-10 Quarterly 15-Aug-14 15-Nov-13 7.00% 46 $ 105.86 Smith $ 3,375.00 1-Oct-11 Quarterly 30-Sep-16 1-Oct-13 8.50% 91 $ 71.52 Ye $ 2,500.00 15-Dec-13 Monthly 14-Dec-14 8.00% 16 $ 8.77 Total $ 46,875.00 $ 1,245.32
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