l classwork for Chapter 5 Find the effective rate (APR) for a simple discount note. The maturity value is $10,000 with $148.80 interest accrued for 85 days. Round to the nearest hundredth of a percent.
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- Find the maturity value, discount period, discount, and proceeds for a promissory note that is discounted at 10%. Use banker's interest of 360 days. Loan Face Made on Value Length of Loan (Days) 200 Date of Discount April 5 $3500 Aug. 26 Click the icon to view the Number of Each of the Days of the Year table. Rate % 9FAST PLZ On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 6 months. The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be. a. RO 400 b. RO 300 c. RO 200 d. RO 100Assuming a 360-day year, when a $17,100, 90-day, 8% interest-bearing note payable matures, total payment will be Round your answer to the nearest whole dollar. a.$342 b.$17,442 c.$18,468 d.$1,368
- Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $90,000 10% 150 days A May 3 June 12 B C Note to be discounted at 11%Use ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $70,000 11% 90 days A March 10 April 15 B C Note to be discounted at 10%Date Face Amount Term Interest Rate 1. Mar. 6 $75,000 60 days 4% 2. Apr. 7 40,000 45 days 6% 3. Aug. 12 36,000 120 days 5% 4. Oct. 22 27,000 30 days 8% 5. Nov. 19 48,000 90 days 3% 6. Dec. 15 72,000 45 days 5% Required: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year. 2. Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account titles. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February. Refer to the Chart of Accounts for exact wording of account titles.
- Interest Date Face Amount Rate Term 1. Apr. 10 $96,000 4% 60 days 2. June 24 18,000 30 days 3. July 1 63,000 120 days 4. Oct. 31 63,000 60 days 5. Nov. 15 54,000 60 days 6. Dec. 27 108,000 4 30 days Required: Assume 360 days in a year. 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. (a) (b) Note Due Date Interest Due at Maturity (1) June 9 V (2) July 24 v (3) Oct. 29 V (4) Dec. 30 v (5) Jan. 14 v (6) Jan. 26 vFind the principal and the interest amount. Present Value Interest Amount Future Value Interest (Principal) (Maturity Value) Time Rate $2676.15 4.9% 103 days The principal is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) The interest amount is $ 1 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) unUse ordinary interest: Principal Rate of Interest Time Maturity Value Date Note Made Date Note Discounted Discount Period Proceeds $18,000 8% 120 days A June 9 September 6
- The maturity value of a $586000, 168-day, 7.3% note receivable is (two decimals): Add your answerWhat is the maturity value of a 45-day note for $1,250 that is dated for May 23 and with interest at 8% Please use TI BA II calculator features (N, I/Y, PV, PMT, FV, AMORT) to solve questions (if possible)Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary. Principal Rate(%) Time(days) InterestMethod Interest Maturity Value(in $) $3,100 % 164 Exact $220 $