Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Use 360 days for interest calculation. Round to the nearest dollar.) Date of Note Principal Interest Rate (%) Term Maturity Rate Interest ($) August 5 $6,000 8 120 days December 3 $160 May 10 $16,800 7 30 days June 9 $98 October 20 $25,000 9 45 days December 4 $281.25 July 6 $4,500 11 60 days September 4 $82.50 September 15 $9,000 9 75 days November 29 $168.75

Maturity Date December 3 Interest $160 Maturity Date June 9 Interest $98 Maturity Date December 4 Interest $281.25 Maturity Date September 4 Interest $82.50 Maturity Date November 29 Interest $168.75

Explanation:

Working

Principal of the Note * Annual Interest Rate * Time = Interest

$6,000 * 8 * 120 days/360 = $160 $16,800 * 7 * 30 days/360 = $98 $25,000 * 9 * 45 days/360 = $281.25 $4,500 * 11 * 60 days/360 = $82.50 $9,000 * 9 * 75 days / 360 = $168.75

Date of Note Principal Interest Rate (%) Term Maturity Rate Interest ($)

August 5 $6,000 8 120 days $160

Maturity Date December 3 Interest $160

May 10 $16,800 7 30 days $98

Maturity Date June 9 Interest $98

October 20 $25,000 9 45 days $281.25

Maturity Date December 4 Interest $281.25

July 6 $4,500 11 60 days $82.50

Maturity Date September 4 Interest $82.50

September 15 $9,000 9 75 days $168.75

Maturity Date November 29 Interest $168.75

Maturity Date Computation=

Days In August = 31

Minus the date of Note = 5

Days Remaining in August 26

Add Days in September 30

Add Days in October 31

Add Days in November 30

Maturity Date of Dec 3 3

Period of the note in days 120 days

Days In May = 31

Minus the date of Note = 10

Days Remaining in May 21

Maturity Date of June 9 9

Period of the note in days 30 days

Days In October = 31

Minus the date of Note = 20

Days Remaining in October 11

Add Days in November 30

Maturity Date of Dec 4 4

Period of the note in days 45 days

Days In July = 31

Minus the date of Note = 6

Days Remaining in July 25

Add Days in August 31

Maturity Date of Sept 4 4

Period of the note in days 60 days

Days In September = 30

Minus the date of Note = 15

Days Remaining in September 15

Add Days in October 31

Maturity Date of Nov 29 29

Period of the note in days 75 days