Determine the due date and amount of interest due at maturity on the following notes. Assume 360 days per year. Origination Date Face Amount Term of Note Interest Rate Maturity Date Interest Amount a. Mar. 15 $8,000 60 days 9% $fill in the blank 2 b. May 1 $12,000 90 days 8% $fill in the blank 4
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Determine the due date and amount of interest due at maturity on the following notes. Assume 360 days per year.
| Origination Date |
Face Amount |
Term of Note |
Interest Rate |
Maturity Date |
Interest Amount |
|
| a. | Mar. 15 | $8,000 | 60 days | 9% | $fill in the blank 2 | |
| b. | May 1 | $12,000 | 90 days | 8% | $fill in the blank 4 |
Formula:
Interest amount = Face amount x Term of the note x Interest rate.
Multiplying face amount , term of the note with Interest rate derives the Interest amount.
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