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sunfiregirl
Mar 18, 2008, 05:31 PM
Note (1) Date Dec. 23 Principal Amount $13000 Interest rate 9% Term 1 year
Note (2) Date Nov. 30 Principal Amount 12000 Interest rate 12% Term 6 months
Note (3) Date Dec. 7 Principal Amount 9000 Interest rate 10% Term 30 days

How to I determine the due date and maturity value of each note? Please help me!
ChaliceHolder
Mar 18, 2008, 06:01 PM
The term tells you the due date. That means the 1-yr note comes due on Dec 23rd next year, the Dec 7th note comes due Jan 6th (30 days) etc. For the maturity value calculate the interest using the formula P X R X T and add it to the principal.
That means for Nov 30th, you would calculate 12,000 X (12/100) X (6/12)