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Presented below are data on three promissory notes. Determine the missing amounts. (Round answers for Total Interest to 0 decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%. Use 360 days for calculation.) Date of Note Terms Maturity Date Principal Annual Interest Rate Total Interest (a) April 1 60 days select a maturity date $600,000 9 % $enter total interest in dollars rounded to 0 decimal places (b) July 2 30 days select a maturity date 90,000 enter an annual Interest Rate in percentages rounded to 0 decimal places % $600 (c) March 7 6 months select a maturity date 120,000 10 % $enter total interest in dollars rounded to 0 decimal places
Presented below are data on three promissory notes. Determine the missing amounts. (Round answers for Total Interest to 0 decimal places, e.g. 825. Round annual interest rate to 0 decimal places, e.g. 15%. Use 360 days for calculation.) Date of Note Terms Maturity Date Principal Annual Interest Rate Total Interest (a) April 1 60 days select a maturity date $600,000 9 % $enter total interest in dollars rounded to 0 decimal places (b) July 2 30 days select a maturity date 90,000 enter an annual Interest Rate in percentages rounded to 0 decimal places % $600 (c) March 7 6 months select a maturity date 120,000 10 % $enter total interest in dollars rounded to 0 decimal places
Final answer:Usingsimple interest calculations, we find the total interest for note (a) is $9,000, the annual interest rate for note (b) is 8%, and the total interest for note (c) is $6,000.Explanation:The task given represents a simple interest calculation problem related to promissory notes. Here's how you calculate the missing information:Total Interestfor note (a) would be calculated using the formula: Principal x Rate x Time. So, $600,000 x 9/100 x 60/360 = $9,000.The maturity date for note (b) would be 30 days from July 2, which is August 1.The missingAnnual Interest Ratefor note (b) would be calculated by rearranging the simple interest formula to Rate = Total Interest / (Principal x Time); thus Rate = $600 / ($90,000 x 30/360) = 0.8 which is 8% when rounded to zero decimals.The maturity date for note (c) would be 6 months from March 7, which is September 7.TheTotal Interestfor note (c) is $120,000 x 10/100 x 180/360 = $6,000.Learn more about Simple Interest Calculation here:brainly.com/question/31814404#SPJ12...