Homework Answers
Ans:
| (A) | $ 22000 |
| (B) | $9420 |
| (C) | 6% |
| (D) | 4 month |
Explanation:
1) Assume principal is = X
= X * 9% * 120/360 = $660
= X * 0.030 = $660
= X = $660 ÷ 0.030
= X = Principal = $ 22000
2) $ 31,400 * 10% * 3 year
= $9420
3) Assume rate of int= r
=$69440 * r * 5/12 = $1736
= $ 28933 * r = $1736
R = $1736/ 28933
R =6%
4) Assume Month = M
= $70500 * 8% * M/12 = $ 1880
= $ 5640 * M = $1880 * 12
M= $ 22560 ÷ 5640
M = 4 month
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Date of Note
Terms
Maturity
Date
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Total
Interest
a.
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Presented below are data on three promissory notes.
Determine the missing amounts. (Use 360 days for
calculation. Do not round intermediate
calculations.)
Date of Note
Terms
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
a.
April 1
60 days
$900,000
5
%
$
b.
July 2
30 days
78,000
%
$520
c.
March 7
6 months
129,800
9
%
$
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