Presented below are data on three promissory notes. Determine the missing amount
ID: 2585073 • Letter: P
Question
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
Date of Note
Terms
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
May 1May 31August 1August 31September 6September 7
$574,200 5 % $ (b) July 2 30 daysMay 1May 31August 1August 31September 6September 7
75,000 % $500 (c) March 7 6 monthsMay 30May 31August 30August 31September 6September 7
130,200 9 % $Explanation / Answer
Date of Note Terms Maturity Date Principal Annual Interest Rate Total Interest a Apr-01 60 days May-31 574200 5% 4785 b Jul-02 30 days Aug-01 75000 8% 500 c Mar-07 6 months Sep-07 130200 9% 5859
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