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anzhelika [568]
2 years ago
5

Determine the due date and the amount of interest due at maturity on the following notes:

Business
2 answers:
bekas [8.4K]2 years ago
6 0
I think the answer is c. july 3rd !
Kitty [74]2 years ago
5 0
Amount of interest = face amount x [interest rate x (term of note / 360)]

(a) 90,000 x 0.06 x (120/360)
(b) 21,000 x 0.04 x (30/360)
(c) 68,000 x 0.08 x (45/360)
(d) 34,400 x 0.05 x (90/360)
(e) 50,000 x 0.07 x (90/360)

Remember the interest rate is stated on an annual basis, while the term is expressed as days

(a) $1,800
(b) $70
(c) $680
(d) $430
(e) $875
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