Homework SourseOn March 1 comma 2011March 1 2011 MattsMatts Music renegotia
On
March 1 comma 2011March 1, 2011?,
Matt\'sMatt\'s
Music renegotiated its overdue account balance of
$ 2 comma 000$2,000
with
Bargain ElectronicsBargain Electronics
by signing a
three minus monththree?month
promissory note at an interest rate of
1010?%.
What is the principal amount of the? note? What is the due date of the? note? How much will
Matt\'sMatt\'s
Music repay on the due date of the? note?
What is the principal amount of the? note?
The principal amount of the note is
?$nothing.
What is the due date of the? note?
The due date of the note is
June 1, 2011
.How much will
Matt\'sMatt\'s
Music repay on the due date of the? note?
Select the formula and enter the amounts to calculate the payment due. ?(Round your answers to two decimal? places.)
+
=
Payment due
+
=
| + | = | Payment due | ||
| + | = |
Solution
What is the principal amount of the? note?
The principal amount of the note is ?$2,000
What is the due date of the? note?
The due date of the note is June 1, 2011
.How much will Matt\'s Music repay on the due date of the? note?
Select the formula and enter the amounts to calculate the payment due. ?(Round your answers to two decimal? places.)
Prnincipal
+
Interest
=
Payment due
2000
+
2000 x 10% x 3/12
=
2000
+
50
=
2050
| Prnincipal | + | Interest | = | Payment due |
| 2000 | + | 2000 x 10% x 3/12 | = | |
| 2000 | + | 50 | = | 2050 |
