Question & Answer: E8-12B. Maturity Dates of Notes Receivable, page 411-412 Maturity Date Interest a. b. C. d. e……

Solution:

a. Maturity Date – 3 December

Interest = 18,000 x 8% x 120/360 = $480

b. Maturity date – 8 August

Interest = 50,400 x 7% x 90/360 = $882

c. Maturity date – 14 December

Interest = 72,000 x 9% x 45/360 = $810

d. Maturity date – 4 September

Interest = 13,500 x 11% x 60/360 = $247.5

e. Maturity date – 14 November

Interest = 27,000 x 8% x 60/360 = $360