Compute interest and find the maturity date for the following notes. (Round answers to 0 decimal places, e. g. 825) Date of Note Principal Interest Rate (%) Terms (a) June 10 $80,000 6% 60 days (b) July 14 $50,000 7% 90 days (c) April 27 $12,000 8% 75 days

Answer and Explanation:

The computation of the interest and the maturity date is shown below:

a.

= Principal × rate of interest × given days ÷ total days

= $80,000 × 6% × 60 days ÷ 360 days

= $800

The Maturity date is August 9

b.

= Principal × rate of interest × given days ÷ total days

= $50,000 × 7% × 90 days ÷ 360 days

= $875

The Maturity date is October 12

c.

= Principal × rate of interest × given days ÷ total days

= $12,000 × 8% × 75 days ÷ 360 days

= $200

The Maturity date is July 11

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