Question

Instructions

Answer 1

Answer:

Note Due Date Interest due at Maturity

1 Mar 6 $500

2 Apr 23 $360

3 July 20 $840

4 Sept 6 $945

5 Nov 29 $270

6 Dec 30 $300

Step-by-step explanation:

Calculation to Determine the due date and the amount of interest due at maturity for Flush Mate Co.

Using this formula to Calculate for the amount of interest due at maturity.

Interest due at Maturity= [Face amount * Numbers of days to maturity / 360 * Interest rate]

Note, Due Date,  Face Amount, No of days to maturity,  Interest rate, Interest due at Maturity

1 Mar 6 80,000× 45/360 ×5% =$500

2 Apr 23 24,000 × 60/360 ×9% =$360

3 July 20 42,000×120/360 ×6% =$840

4 Sept 6 54,000× 90/360 ×7% =$945

5 Nov 29 27,000× 60/360 ×6% =$270

6 Dec 30 72,000× 30/360 ×5% =$300

Therefore  the due date  and the amount of interest due at maturity for Flush Mate Co are:

Note Due Date Interest due at Maturity

1 Mar 6 $500

2 Apr 23 $360

3 July 20 $840

4 Sept 6 $945

5 Nov 29 $270

6 Dec 30 $300