edugen.wileyplus.com | WileyPLUS Blossom Homework Chapter 9 WileyPLs.an Kimmel,

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edugen.wileyplus.com | WileyPLUS Blossom Homework Chapter 9 WileyPLs.an Kimmel, Accounting, 6e Help I Sys tem Announcements CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Brief Exercise 8-7 Homework Chapter Compute interest and find the maturity date for the fol lowing notes. (Round answers to 0 decimal places, e.g. 825) Brief Exercise 8-5 Briaf Exercise 8 Exercise 8-1 Date of Note Interest Rate (96) Principal (a) June 10 $83,710 (b) July 14$46.100 C) AOril 27 13,100 Terms 6D days 90 days 75 days Exercise 8-3 7% 8% Exercise 8-5 Interest Maturity Date (a) s Review Scone Review Results by Study Click if you would like to Show Work for this question: Open Show WorK Question Attempts: O of 5 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

a) Interest = Principal*Interest rate*60 days/365 days

= $83,710*6%*60/365 = $826

Matuarity date = June 10+60 days = 9 August (20 days June+31 days July+9 days August)

b) Interest = Principal*Interest rate*90 days/365 days

= $46,100*7%*90/365 = $796

Matuarity date = July 14+90 days = 12 October (17 days July+31 days August+30 days Sept.+12 days Oct.)

c) Interest = Principal*Interest rate*75 days/365 days

= $13,100*8%*75/365 = $215

Matuarity date = April 27+75 days = 11 July (3 days April+31 days May+30 days June+11 days July)

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