Determine the Due Date and the Amount of Interest Due

question 116

Essay

Determine the due date and the amount of interest due at maturity on the following notes:
$\begin{array} { | l | l | l | l | l | } \hline & \text { Date of Note } & \text { Face Amount } & \text { Interest Rate } & \text { Term of Note } \\\hline ( 1 ) & \text { October 1 } & \$ 21,000 & 8 \% & 60 \text { days } \\\hline ( 2 ) & \text { August 30 } & 9,000 & 10 & 120 \text { days } \\\hline ( 3 ) & \text { May 30 } & 12,000 & 12 & 90 \text { days } \\\hline ( 4 ) & \text { March 6 } & 15,000 & 9 & 60 \text { days } \\\hline ( 5 ) & \text { May 23 } & 9,000 & 10 & 60 \text { days } \\\hline\end{array}$

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Definitions:

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