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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:
 Date of Note  Face Amount  Interest Rate  Term of Note (1) October 1 $21,0008%60 days (2) August 30 9,00010120 days (3) May 30 12,0001290 days (4) March 6 15,000960 days (5) May 23 9,0001060 days \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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