EX 9-19 Determine due date and interest on notes

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
a.                 May 15               $40,000                    6%                    90 days
b.                 March 20             15,000                     4                       60 days
c.                 May 19                24,000                      3                      60 days
d.                October 1             10,500                      8                      60 days
e.                August 30             18,000                      5                     120 days

Answer:
     Due Date            Interest
a. Aug. 13                 $600    [$40,000 × 0.06 × (90/360)]
b. May 19                 100      [$15,000 × 0.04 × (60/360)]
c. July 18                  120       [$24,000 × 0.03 × (60/360)]
d. Nov. 30                140      [$10,500 × 0.08 × (60/360)]
e. Dec. 28                 300       [$18,000 × 0.05 × (120/360)]  

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