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Chrome File Edit View History Bookmarks People Window Help 4) 3%D Sat 8:52 PM Q E CengageNOWv2 Online teaching and learning resource from Cengage Learning v2.cengagenow.com/ilrn/takeAssignment takeAssignmentMain.doPinvokers&takeAssignmentSessionLocator;=assignment-takeBinprogress-false Chapter 8 Assignment eBook Show Me How Calculator Determine Due Date and Interest on Notes 1. BE.08-03.ALGO 2. EX.08-03.ALGO 3. EX.08-04.ALGO 4. EX.08-13.BLANKSHEET.AL.. 5. EX.08-19 6. EX.08-20.ALGO 7. PR.08-01 8. PR.08-04.ALGO Determine the due date and the amount of interest due at maturity on the following notes Date of Note Face Amount Interest Rate Term of Note a. January 3 * b. February 20 c. May 24 d. August 30 e. October 4 Assume a leap year in which February has 29 days. Assume 360 days in a year when computing the interest. Note $80,000 27,000 62,500 30,000 40,000 5% 120 days 30 days 45 days 90 days 90 days Due Date Interest Check My Work Previous Next Progress: 5/8 items

Explanation / Answer

(a) due date May 03

Interest = (80,000*6%*120/360) = $1,600

(b) due date March 21

Interest = (27,000*4%*30/360) = $90

(C) due date July 08

Interest = (62,500*8%*45/360) = $625

(D) due date = Nov 28

Interest = (30,000*5%*90/360) = $375

(e) due date = Jan 03

Interest = (40,000*7%*90/360) = $700

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