Gradebook ORION BowhBadaul ce Assignment ent Question 1 3Your answer is incorrec
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Gradebook ORION BowhBadaul ce Assignment ent Question 1 3Your answer is incorrect. Try again Compute interest and find the maturity date for the following notes. (Use 360 days for calculation.) Date of Note Principal Rate (%) Terms Interest Maturity Date Interest (a) June 10 $169,200 6% 60days (b) July 14 $141,200 7% 90days (c) April 27 Click if you would like to Show Work for this question: Open Show Work $ ome 16920, TAugust 10 24710 October 14 $18,000 8% 75 days 3000 Duly 10 LINK TO TEXT VIDEO TUTO Pali2000-2017 3ohn wiley&Sans; Ins All Rights Reserved. A Division of John Wiley &Sons; In Would you like to store your password for wileyplus.com? Why aml seeing this?Explanation / Answer
(á) Dateof Note is June - 10 or 6 0days = $ 1,69,200 Rate of interest is 6% Pending Days in June = 20 Days Pending Days in July = 31 Days Balance Days in Aug = 9 Days Total 60 Days So the Maturity date is 9th August Principal Amount $ 1,69,200 int '= $ 169,200 *6% $ 10,152 For 60 Days $ 10,152 * 60 / 360 $ 1,692 (B) Date of Note is July - 14 for 90 Days = $ 1,41,200 Rate of interest is 7% Pending Days in July = 17 Days Pending Days in August= 31 Days Days in September = 30 Days Balance Days in October = 12 Days Total 90 Days So the Maturity date is 12th October Principal Amount= $ 1,41,200.00 = $ 141,200 *7% $ 9,884.00 $ 10,152 * 90 / 360 $ 2,471.00 Interest = $ 2471 (C) Date of Note is Apr -27 for 75 Days = $ 18,000 Rate of interest is 8% Pending Days in April = 3 Days Pending Days in May= 31 Days Days In June = 30 Days Balance Days in July = 11 Days Total 75 Days So the Maturity date is 11th July Principal Amount= $ 18,000.00 = $ 18,000 *8% $ 1,440.00 $ 1260 * 75 / 360 $ 300.00 Interest = $ 300
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