determine due date and interest on notes\ndetermine the due date and the amount of interest due at maturity…

determine due date and interest on notes\ndetermine the due date and the amount of interest due at maturity on the following notes. when calculating interest amounts, assume there are 360 days in a year. round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar.\ndate of note face amount interest rate term of note\na. january 15 $40,835 7% 30 days\nb. april 1 12,350 9 90 days\nc. june 22 15,900 13 45 days\nd. august 30 23,265 7 120 days\ne. october 16 13,835 8 50 days\ndue date interest due at maturity\na. feb. 14 $blank x\nb. jun. 30 $278 ✓\nc. aug. 6 $blank x\nd. dec. 28 $blank x\ne. dec. 5 $154 ✓

determine due date and interest on notes\ndetermine the due date and the amount of interest due at maturity on the following notes. when calculating interest amounts, assume there are 360 days in a year. round intermediate calculations to 4 decimal places, and round your final answers to the nearest whole dollar.\ndate of note face amount interest rate term of note\na. january 15 $40,835 7% 30 days\nb. april 1 12,350 9 90 days\nc. june 22 15,900 13 45 days\nd. august 30 23,265 7 120 days\ne. october 16 13,835 8 50 days\ndue date interest due at maturity\na. feb. 14 $blank x\nb. jun. 30 $278 ✓\nc. aug. 6 $blank x\nd. dec. 28 $blank x\ne. dec. 5 $154 ✓

Answer

Explanation:

Step1: Recall interest formula

The simple - interest formula is $I = P\times r\times t$, where $P$ is the principal amount (face amount), $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Calculate interest for part a

$P = 40835$, $r=0.07$, $t=\frac{30}{360}$. $I = 40835\times0.07\times\frac{30}{360}\approx237.5458\approx238$

Step3: Calculate interest for part c

$P = 15900$, $r = 0.13$, $t=\frac{45}{360}$. $I=15900\times0.13\times\frac{45}{360}\approx260.375\approx260$

Step4: Calculate interest for part d

$P = 23265$, $r = 0.07$, $t=\frac{120}{360}$. $I = 23265\times0.07\times\frac{120}{360}\approx542.95\approx543$

Answer:

a. $238$ c. $260$ d. $543$