Determine Due Date and Interest on Notes Determine the due d

Determine Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes dated in 2016: Date of Note Face Amount Interest Rate Term of Note a. January 3 * $80,000 6% 120 days b. February 20 * 27,000 4 30 days c. May 24 62,500 8 45 days d. August 30 30,000 5 90 days e. October 4 40,000 7 90 days * February 2016 has 29 days. Assume 360 days in a year when computing the interest.

PLASE HELP with the Circled part????? Portion of year???

-gray backgrounds are protected and cannot be edited will appear to the right of an incorrect entry Portion of Year Principal $80,000 $27,000 $62,500 $30,000 Due Date Rate Interest 6% May 2 March 21 July 8 November 28 January 2 $1,600 $90 $625 b. 4% 8% d. 5% $375 $40,000 790 $700 19

Solution

Only in (e) number of Days is 88 Days as it is mature on next year i.e. Jan 2, 2017. For others notes Due in days/360 is done.

Also note that two additional column(1st two) is given to understand the calculation. You can ignore the same as you don\'t need it as per template provided.

Dear Student,

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	Date of Note	Due in Days	Due Date	Principal	x	Rate	x	Portion of the year(Days/360)	Interest
a	3-Jan-16	120	2-May-16	$        80,000	x	6%	x	0.3333	$    1,600
b	20-Feb-16	30	21-Mar-16	$        27,000	x	4%	x	0.0833	$          90
c	24-May-16	45	8-Jul-16	$        62,500	x	8%	x	0.1250	$        625
d	30-Aug-16	90	28-Nov-16	$        30,000	x	5%	x	0.2500	$        375
e	4-Oct-16	90	2-Jan-17	$        40,000	x	7%	x	0.2444	$        684