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7 Homework Saved Determine the maturity date and compute interest for each note. (Use 360 days a year. Do not round intermedi

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Answer #1
Contract date Maturity Month Maturity date Interest expense
1 March 11 May May 9 $200 ($24,000*5%*60/360)
2 May 25 August August 22 $420 ($24,000*7%*90/360)
3 October 22 December December 5 $90 ($18,000*4%*45/360)
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