Determine the Due Date and Amount of Interest Due at Maturity

question 31

Essay

Determine the due date and amount of interest due at maturity on the following notes (Assume 360 days in a year): $$\begin{array} { c c c c c c } \text { Origination Date } & \begin{array} { c } \text { Face } \\\text { Amount }\end{array} & \begin{array} { c } \text { Term } \\\text { of Note }\end{array} & \begin{array} { c } \text { Interest } \\\text { Rate }\end{array} & \begin{array} { c } \text { Maturity } \\\text { Date }\end{array} & \begin{array} { c } \text { Interest } \\\text { Amount }\end{array} \\\hline \text { (a) March 1 } & \$ 5,000 & 60 \text { days } & 9 \% & \underline{\quad\quad}&\underline{\quad\quad} \\\text { (b) May 15 } & \$ 9,000 & 120 \text { days } & 8 \% & \underline{\quad\quad} &\underline{\quad\quad} \\ \end{array}$$

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Definitions:

Specific Date

A distinct, exact date identified by day, month, and year.

Eastern Region's Sales Data

Statistical information that represents the volume of sales achieved in the eastern geographical area of a business.

Routine Request

A common or standard inquiry or appeal, often made in the context of business or professional communication, that follows established norms.

Summary

A concise statement or overview that captures the essential points of a larger piece of writing or speech.