Brief Exercise 9-10 Date of Note Terms Maturity Date Principal Annual Interest R
ID: 2484163 • Letter: B
Question
Brief Exercise 9-10
Date of
Note
Terms
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
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Brief Exercise 9-10
Your answer is partially correct. Try again. Presented below are data on three promissory notes.Determine the missing amounts. (Use 360 days for calculation.)
Date of
Note
Terms
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
May 1May 31August 1August 31September 6September 7
$556,800 5 % $4,576
(b) July 2 30 daysMay 1May 31August 1August 31September 6September 7
70,44010.14
% $587 (c) March 7 6 monthsMay 30May 31August 30August 31September 6September 7
128,800 9 % $5,796
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Explanation / Answer
Answer
(a) (b) & (c)
Principal
Annual Interest rate
Time period
Interest
A
B
C
A*B*C
5,56,800
5%
60/360
0.166667
4640.00
70,440
10.14%
30/360
0.083333
595.22
1,28,800
9%
6/12
0.5
5796.00
Principal
Annual Interest rate
Time period
Interest
A
B
C
A*B*C
5,56,800
5%
60/360
0.166667
4640.00
70,440
10.14%
30/360
0.083333
595.22
1,28,800
9%
6/12
0.5
5796.00
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