Question: Presented below are data on three promissory notes.
Determine the missing amounts. (Round answers for Total Interest to 0 decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%.)
|
|
Date of Note
|
|
Terms
|
|
Maturity Date
|
|
Principal
|
|
Annual Interest Rate
|
|
Total Interest
|
| (a) |
|
April 1 |
|
60 days |
|
 (May 1May 30May 31June 1July 31August 1August 2August 31September 1September 6September 7September 8September 30)
|
|
$605,200 |
|
11 |
% |
|
$
|
| (b) |
|
July 2 |
|
30 days |
|
( May 1May 30May 31June 1July 31August 1August 2August 31September 1September 6September 7September 8September 30)
|
|
94,530 |
|
|
% |
|
$630 |
| (c) |
|
March 7 |
|
6 months |
|
(May 1May 30May 31June 1July 31August 1August 2August 31September 1September 6September 7September 8September 30)
|
|
112,550 |
|
11 |
% |
|
$ |