Asked by Jagmeet Sahota on May 13, 2024

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Determine the due date and amount of interest due at maturity on the following notes:?  Origination  Date  Face  Amount  Term  of Note  Interest  Rate  Maturity  Date  Interest  Amount (a) Mar. 15 $8,00060 days 9%______________(b) May 1 12,00090 days 8%______________\begin{array}{llccccc}&\begin{array}{c}\text { Origination } \\\text { Date }\end{array} & \begin{array}{c}\text { Face } \\\text { Amount }\end{array} & \begin{array}{c}\text { Term } \\\text { of Note }\end{array} & \begin{array}{c}\text { Interest } \\\text { Rate }\end{array} & \begin{array}{c}\text { Maturity } \\\text { Date }\end{array} & \begin{array}{c}\text { Interest } \\\text { Amount }\end{array} \\(a)&\text { Mar. 15 } & \$ 8,000 & 60 \text { days } & 9 \% & \_\_\_\_\_\_\_ & \_\_\_\_\_\_\_ \\(b)&\text { May 1 } & 12,000 & 90 \text { days } & 8 \% & \_\_\_\_\_\_\_ &\_\_\_\_\_\_\_ \\\end{array}(a)(b) Origination  Date  Mar. 15  May 1  Face  Amount $8,00012,000 Term  of Note 60 days 90 days  Interest  Rate 9%8% Maturity  Date ______________ Interest  Amount ______________

Due Date

The specified date by which a payment must be made or a task must be completed.

Interest Due

The amount of interest that has been incurred on a loan or debt but has not yet been paid.

Maturity

The date on which a loan or bond comes due and the principal must be repaid or the date upon which an investment reaches its full value.

  • Determine the interest and the matured amounts for promissory notes.
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LM
Lissette MillaMay 17, 2024
Final Answer :
(a)May 14; $120 ($8,000 × 0.09 × 60/360)
(b)July 30; $240 ($12,000 × 0.08 × 90/360)