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

question 6

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.) $$\begin{array} { | l | l | l | } \hline \text { (a) } & \text { The interest on } \$ 70,000 \text { for } 100 \text { days at } 14 \% \text { is } & \$\_\_\_ \\\hline \text { (b) } & \text { The interest on } \$ 80,000 \text { for } 90 \text { days at } 14 \% \text { is } & \$\_\_\_ \\\hline \text { (c) } & \text { The interest on } \$ 3,200 \text { for } 45 \text { days at } 18 \% \text { is } & \$ \_\_\_\\\hline \text { (d) } & \text { A } 90 \text {-day note dated September } 20 \text { will mature on } & \\\hline \text { (e) } & \begin{array} { l } \text { If interest expense on a } 15 \% , \text { one-year note is } \$ 8,000 , \text { the } \\\text { amount of the note is }\end{array} & \$\_\_\_ \\\hline \text { (f) } & \text { The maturity value of a } 12 \% , 60 \text {-day note for } \$ 40,000 \text { is } & \$\_\_\_ \\\hline & & \\\hline\end{array}$$

---

Definitions:

Income Distribution

Refers to the way total personal income is distributed among individuals or households in an economy, affecting economic inequality.

Reservation Price Model

A model that defines the maximum price a consumer is willing to pay for a good or service.

Aggregate Demand

The aggregate need for all products and services in an economy, measured at a specific price level and during a particular time frame.

Marginal Revenue

The additional income generated from selling one more unit of a product or service.