Determine the Due Date and the Amount of Interest Due

question 30

Essay

Determine the due date and the amount of interest due at maturity on the following notes:? $$\begin{array} { | c | l | r | c | c | } \hline & { \text { Date of Note } } & \text { Face Amount } & \text { Interest Rate } & \text { Term of Note } \\\hline \text { (a) } & \text { October } 1 & \$ 21,000 & 8 \% & 60 \text { days } \\\hline \text { (b) } & \text { August } 30 & 9,000 & 10 & 120 \text { days } \\\hline \text { (c) } & \text { May } 30 & 12,000 & 12 & 90 \text { days } \\\hline \text { (d) } & \text { March } 6 & 15,000 & 9 & 60 \text { days } \\\hline \text { (e) } & \text { May 23 } & 9,000 & 10 & 60 \text { days } \\\hline\end{array}$$

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Definitions:

Settlement Agreement

A legally binding contract between parties to a dispute, where they agree on the terms to resolve their differences without further litigation.

Legal Obligation

A duty enforced by law, requiring an individual or organization to follow or avoid a specific course of action.

Unilateral Contract

An agreement where only one party makes a promise or assumes an obligation to perform if a specified condition is met by another party.

Act

A written ordinance of a legislative body or an action done with a specific intention or outcome in mind.