Answer:
Maturity Dates and Interests of Notes Receivable:
Date of Note Principal Interest Term Maturity Date
Rate Month Day Interest
a. August 5 $6,000 8% 130 days December 13 $173.33
b. May 10 16,800 7% 100 days August 18 326.67
c. October 20 24,000 9% 55 days December 14 330.00
d. July 06 4,500 10% 70 days September 14 87.50
e. September 15 9,000 8% 85 days December 9 170.00
Total $60,300 $1,087.50
Explanation:
a) Data and Calculations:
Date of Note Principal Interest Term Maturity Date
Rate Calculations
a. August 5 $6,000 8% 130 days Dec. 13(26+30+31+30+13)
b. May 10 16,800 7% 100 days Aug. 18 (21+30+31+18)
c. October 20 24,000 9% 55 days Dec. 14 (11+30+14)
d. July 06 4,500 10% 70 days Sept. 14 (25+31+14)
e. September 15 9,000 8% 85 days Dec. 9 (15+31+30+9)
Calculation of Interests:
a. = $173.33 ($6,000 * 8% * 130/360)
b. = $326.67 ($16,800 * 7% * 100/360)
c. = $330.00 ($24,000 * 9% * 55/360)
d. = $87.50 ($4,500 * 10% * 70/360)
e. = $170 ($9,000 * 8% * 85/360)
