Hi, I need help with this Thank you e Due Date and Interest on Notes Determine t

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e Due Date and Interest on Notes Determine the due date and the amount of interest due at maturity on the following notes. 4.ALGO 6 ALGO 08 ALGO 09 ALGO Date e of Note Face Amount Term of Note b. February 20 c. May 24 d. August 30 e. October 4 Assume a leap year in which February has 29 days. Assume 360 days in a year when computing the interest 120 days 30 days 45 days 90 days 90 days 27,000 62,500 40,000 10 ALGO Due Date 12 ALGO (b) Harch 21 uly B (d) Nov 28 8-17 ALGOo Jan. 2 Next 59 PM nt Score: 72.37% 428/20

Explanation / Answer

Answer = a) Issue Date January 03 = Amount Days Days in year Interest Int Amount Balance days in January 28 Days 80000 120 360 6% 1600 Days in February 29 Days Days in March 31 Days Days in April 30 Days Days in May 2 Days 120 Daue Date = 2nd May Answer = B) Issue Date Februry 20 Amount Days Days in year Interest Int Amount Balance Days in February 9 Days 27000 30 360 4% 90 Days in March 21 Days 30 Daue Date = March 21 Answer = C) Amount Days Days in year Interest Int Amount Issue Date May 24 62500 45 360 8% 625 Balance Days in May 7 Days Days in June 30 Days Days in July 8 Days 45 Answer = D) Amount Days Days in year Interest Int Amount 30000 90 360 5% 375 Issue Date August 30 Balance Days in August 1 Days Days in Sept 30 Days Days in Oct 31 Days Days in Nov 28 Days 90 Due Date = Nov 28 Answer = E) Amount Days Days in year Interest Int Amount Issue Date October 04 40000 90 360 7% 700 Balance Days in October 27 Days Days in Nov 30 Days Days in Dec 31 Days Days in Jan 2 Days 90 Daue Date = Jan 02

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