Question

Compute interest and find the maturity date for the following notes. (Round answers to 0 decimal places, e.g. 825. Use 360 days for calculation.)

		Date of Note		Principal		Interest Rate (%)		Terms
(a)		June 10		$75,600		6%		60 days
(b)		July 14		$48,400		7%		90 days
(c)		April 27		$12,840		8%		75 days

		Interest		Maturity Date
(a)		$enter the amount of interest in dollars rounded to 0 decimal places		select a maturity date                                                          June 30July 1July 10July 11July 12July 31August 1August 8August 9August 10September 30October 1October 11October 12October 13
(b)		$enter the amount of interest in dollars rounded to 0 decimal places		select a maturity date                                                          June 30July 1July 10July 11July 12July 31August 1August 8August 9August 10September 30October 1October 11October 12October 13
(c)		$enter the amount of interest in dollars rounded to 0 decimal places		select a maturity date                                                          June 30July 1July 10July 11July 12July 31August 1August 8August 9August 10September 30October 1October 11October 12October 13

Answer 1

Calculation of Maturity Date Date Of Note Jun-10 Jul-14 Apr-27 Terms 60 Days 90 Days 75 Days Explaintion 10 June +60 days (i.e.20days+31 days + 9 days) = 9 th August 14 July + 90 Days (i.e., 17 days+31 days + 30 days +12 days) = 12th October 27 April + 75 days (i.e., 3 days + 31 days + 30 days + 11 days) = 11 June Maturity Date 9th August 12th October 11th June (b) (c.) Calculation of Interest Principal Terms $75,600.00 60 Days (b) $48,400.00 90 Days (c.) $ 12,840.00 75 Days Interest Rate 6% 7% $75600*6%*60 days / 360 Days $48400*7%*90 days / 360 Days $12840*8%*75 days / 360 Days $ $ $ 756.00 847.00 214.00