Question 13 (5 points) Questions 1 of 20 questions saved 5 points A leap-year pr

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Question 13 (5 points) Questions 1 of 20 questions saved 5 points A leap-year promissory note dated February 14 and due on April 18 runs for exactly: Page 1: 1) 63 days 2) 62 days 3) 64 days 4) 65 days Page 2: Save Question 14 (5 points) 5 points Joe signed a $3,000, 70 day note at 8% interest. What is the amount of ordinary interest on the note? Page 3: 1) $46.03 2) some other amount 3) $46.67 4) $123.42 9 10 11 12 Save Page 4: 13 1415 Question 15 (5 points) 5 points You signed a $6,000 simple interest, 5% note, with a term of 15 months, what is the maturity value of the note? 16 1) $300 2) $6,375 3) $6,300 4) some other amount 5) $375 Page 5 20 Save Legend Question 16 (5 points)

Explanation / Answer

Q13) Days of note :

Feb 15 +Mar 31 +Apil 18 = 64 days

so answer is 3) 64 days

Q14) Interest on note = 3000*8%*70/360 = 46.67

so answer is 3) 46.67

Assume year has 360 days

Q15)Interest = (6000*5%*15/12) = 375

Maturity value = (6000+375)=6375

so answer is 2) $6375

Q16) Interest amount = (3400-2000) = 1400

One year interest = (2000*12%) = 240

Term of interest = 1400/240 = 5.8 years

so answer is 4) 5.8 years

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