Use the following information to answer questions 1 5.
Determine the due date and amount of interest due at maturity on the following notes:
Note 1 Dated March 1, $5,000, 60 day note, 9% interest
Note 2 Dated May 15, $9,000, 120 day note, 8% interest
Note 3 Dated May 30, $12,000, 90 day note, 12% interest
| 1. What is the Maturity Date for Note 1? (Points : 3) |
May 1
April 30
April 29
May 5 |
| 2. What is the amount of interest due at maturity for Note 1? (Points : 3) |
$75
$450
$37.50
$100 |
| 3. What is the Maturity Date for Note 2? (Points : 3) |
September 11
September 13
September 12
August 30 |
| 4. What is the amount of interest due at maturity for Note 2? (Points : 3) |
$72
$720
$60
$240 |
| 5. What is the amount of interest due at maturity for Note 3? (Points : 3) |
$300
$360
$1440
$120 |
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