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Compute interest and find the maturity date for the following notes. (Use 360 days for calculation.)...

Compute interest and find the maturity date for the following notes. (Use 360 days for calculation.) Date of Note Interest Ra

Compute interest and find the maturity date for the following notes. (Use 360 days for calculation.) Date of Note Interest Rate (%) Principal Terms Interest Maturity Date a. June 10 $43,200 10% 60 days $ b. July 14 $36,000 11% 90 days $ C. April 27 $18,000 12% 75 days $ $ e Textbook and Media
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Answer #1

Interest = Principal * Rate * Time

Assumption : No. of days = 360 days

a) Interest = $ 43200*10%*60/360 = $ 720

Maturity = Days in June (30-10 = 20) + Days in July = 31+ Remaining days after June and July (69-20-31) = 9th August.

b) Interest = $ 36000*11%*90/360 = $ 990

  Maturity = Days in July (31-14 = 17) + Days in August = 31+ Remaining days after September = 30+ Remaining days after Jult,August and September (90 - 17 -31 -30) = 12th October.

c) Interest = $18000*12%*75/360 = $450

Maturity = Days in April (30 - 27 = 3) + Days in May = 31 + Days in June = 30+ Remaining days after April, May and June (75 - 3 - 31 - 30) = 11th July.  

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