Determine Due Date and Interest on Notes Determine 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. Date of Note Face Amount Interest Rate Term of Note a. January 15 $50,000 6 % 30 days b. April 1 27,000 4 90 days c. June 22 30,000 6 45 days d. August 30 90,000 8 120 days e. October 16 72,000 5 50 days

Due Date and Interest on Notes

Date of Note     Face    Interest  Term of  Due Date   Interest

                      Amount     Rate       Note  

a. January 15 $50,000    6 %     30 days  Feb. 14        $250

b. April 1           27,000    4         90 days  June 30      $270

c. June 22       30,000    6         45 days  Aug. 18        $225

d. August 30   90,000    8       120 days  Jan. 27         $2,400

e. October 16  72,000    5        50 days   Dec. 21        $500

Explanation:

a) Data and Calculations:

Date of Note     Face    Interest  Term of  Due Date   Interest

                      Amount     Rate       Note  

a. January 15 $50,000    6 %     30 days  Feb. 14        $250 (50,000*6%*30/360)

b. April 1           27,000    4         90 days  June 30      $270 (27,000*4%*90/360)

c. June 22       30,000    6         45 days  Aug. 18        $225 (30,000*6%*45/360)

d. August 30   90,000    8       120 days  Jan. 27         $2,400 (90,000*8%*120/360)

e. October 16  72,000    5        50 days   Dec. 21        $500 (72,000*5%*50/360)

answer; encouraging the development of innovations by firms attempting to break a monopoly; (creative destruction)