The basic method used to determine the balance due at the end of term or the...
The basic method used to determine the balance due at the end of term or the due date is ___.
Banker’s Rule
Merchant Rule
People’s Rule
United State Rule
Homework Answers
Answer is MERCHANT's RULE
Under the Merchants Rule, the principal and all
partial payments are treated as if they earn interest from the time
they are made to the date of final settlement
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The basic method used to determine the balance due at the end of
term or the...
1) 2) 3) Determine Due Date and Interest on Notes Determine the due date and the...
1)
2)
3)
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note $40,000 a. January 10* b. March 19 18,000 90 days 180 days 30 days 90 days 90,000 c. June 5 d. September 8 36,000 27,000 e. November 20 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the...
3.66 A loan of $1000 is due in one year with interest at 141%. The debtor...
3.66 A loan of $1000 is due in one year with interest at 141%. The debtor pays $200 in 3 and $400 in 7 months. Find the balance due in one year by (a) the Merchant's Rule, () tb in montlis. Pin United States Rule. Ans. (a) $497.37; (b) $503.54 3.67 A debt of $5000 is due in six months with interest at 10%. Partial payments of $3000 and $1000 are made in 2 and 4 months, respectively. What is...
Maturities of long-term debt due within one year of the balance sheet date are reported separately...
Maturities of long-term debt due within one year of the balance sheet date are reported separately from long-term debt. TRUE / FALSE ?
Determine Due Date and Interest on Notes Determine the due date and the amount of interest...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 1 8,000 8 180 days c. June 5 90,000 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. in om Assume 360-days in a...
"Float" is the term given to Ca. differences between the cash balance and the balance of...
"Float" is the term given to Ca. differences between the cash balance and the balance of cash plus marketable securities. b.delay in the receipt and conversion of a check to cash. C c. the period between the date an invoice is received and the date on which it must be paid. C d. the practice of deliberately delaying payments beyond the due date.
"Float" is the term given to Ca. differences between the cash balance and the balance of...
"Float" is the term given to Ca. differences between the cash balance and the balance of cash plus marketable securities. b.delay in the receipt and conversion of a check to cash. C c. the period between the date an invoice is received and the date on which it must be paid. C d. the practice of deliberately delaying payments beyond the due date.
Determine Due Date and Interest on Notes Determine the due date and the amount of interest...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes Date of Note Face Amount Interest Rate a. January 10 $40,000 b. March 19 18,000 c. June 5 90,000 d. September 8 36,000 e. November 20 27,000 *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest (a) Apr. 10 Sept. 15 Term of Note 90 days 180...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note January 5 120 days $92,000 6% а. b. February 15 18,000 4 30 days 65,000 45 days May 19 8 C. 33,600 d. August 20 90 days 90 days October 19 46,000 7 е. Assume a leap year in which February has 29 days. Assume 360 days...
4 Determine Due Date and Interest on Notes Determine the due date and the amount of...
4 Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 5* $98,000 6% 120 days b. February 15* 18,000 30 days May 19 67,000 45 days d. August 20 33,600 5 90 days October 19 50,000 90 days Assume a leap year in which February has 29 days. Assume 360 days in a year...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar. Date of Note Face Amount Interest Rate Term of Note a. January 15 $100,955 7 % 30 days b. April 1 11,345 7 90 days C. June 22...
1)
2)
3)
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note $40,000 a. January 10* b. March 19 18,000 90 days 180 days 30 days 90 days 90,000 c. June 5 d. September 8 36,000 27,000 e. November 20 60 days *Assume that February has 28 days. Assume 360-days in a year when computing the...
3.66 A loan of $1000 is due in one year with interest at 141%. The debtor pays $200 in 3 and $400 in 7 months. Find the balance due in one year by (a) the Merchant's Rule, () tb in montlis. Pin United States Rule. Ans. (a) $497.37; (b) $503.54 3.67 A debt of $5000 is due in six months with interest at 10%. Partial payments of $3000 and $1000 are made in 2 and 4 months, respectively. What is...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 10* $40,000 5% 90 days b. March 19 1 8,000 8 180 days c. June 5 90,000 30 days d. September 8 36,000 3 90 days e. November 20 27,000 4 60 days *Assume that February has 28 days. in om Assume 360-days in a...
"Float" is the term given to Ca. differences between the cash balance and the balance of cash plus marketable securities. b.delay in the receipt and conversion of a check to cash. C c. the period between the date an invoice is received and the date on which it must be paid. C d. the practice of deliberately delaying payments beyond the due date.
"Float" is the term given to Ca. differences between the cash balance and the balance of cash plus marketable securities. b.delay in the receipt and conversion of a check to cash. C c. the period between the date an invoice is received and the date on which it must be paid. C d. the practice of deliberately delaying payments beyond the due date.
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes Date of Note Face Amount Interest Rate a. January 10 $40,000 b. March 19 18,000 c. June 5 90,000 d. September 8 36,000 e. November 20 27,000 *Assume that February has 28 days. Assume 360-days in a year when computing the interest. Note Due Date Interest (a) Apr. 10 Sept. 15 Term of Note 90 days 180...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note January 5 120 days $92,000 6% а. b. February 15 18,000 4 30 days 65,000 45 days May 19 8 C. 33,600 d. August 20 90 days 90 days October 19 46,000 7 е. Assume a leap year in which February has 29 days. Assume 360 days...
4 Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note a. January 5* $98,000 6% 120 days b. February 15* 18,000 30 days May 19 67,000 45 days d. August 20 33,600 5 90 days October 19 50,000 90 days Assume a leap year in which February has 29 days. Assume 360 days in a year...
Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes. When calculating interest amounts, assume there are 360 days in a year. Round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar. Date of Note Face Amount Interest Rate Term of Note a. January 15 $100,955 7 % 30 days b. April 1 11,345 7 90 days C. June 22...
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