Homework Answers
Determine the maturity date and interest as follows:
Maturity date is calculated as follows:
Maturity date = date of note + term
Interest is calculated as follows:
Interest = Principal * Interest rate * term / 360
| Maturity | |||||
| Principal | Rate | Term | Month | Day | Interest |
| 7200 | 9% | 90 | Oct | 8 | 162 |
| 12000 | 5% | 120 | Aug | 23 | 200 |
| 11200 | 7% | 120 | Sep | 16 | 261.33 |
| 5400 | 11% | 45 | July | 25 | 74.25 |
| 30000 | 6% | 75 | Jan | 14 | 375 |
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Compute interest and find the maturity date for the following notes. (Round answers to O decimal places, e.g. 825. Use 360 days for calculation.) Date of Note Principal Interest Rate (%) Terms June 10 $87,900 ཆུ 8% 60 days (b) July 14 $55,600 9% 90 days April 27 $12,240 10% 75 days Interest Maturity Date
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