Notes Receivable-Computations
Complete the Following Statements About Promissory Notes and Interest

question 226

Essay

Notes receivable-computations
Complete the following statements about promissory notes and interest by entering amounts in the spaces provided. (Use 360 days in one year.)
$\begin{array}{l}(a)\text { The interest on } \$ 70,000 \text { for } 100 \text { days at } 14 \% \text { is } &\$\underline{\quad\quad}\\(b)\text { The interest on } \$ 80,000 \text { for } 90 \text { days at } 14 \% \text { is } &\$\underline{\quad\quad}\\(c)\text { The interest on } \$ 3,200 \text { for } 45 \text { days at } 18 \% \text { is }&\$\underline{\quad\quad} \\(d)\text { A } 90 \text {-day note dated September } 20 \text { will mature on } &\underline{\quad\quad}\\(e)\text { If interest expense on a } 15 \% \text {, one-year note is } &\$\underline{\quad\quad}\\\$ 8,000 \text {, the amount of the note is } \\(f)\text { The maturity value of a } 12 \%, 60 \text {-day note for } &\$\underline{\quad\quad}\\\$ 40,000 \text { is } \end{array}$

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