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Student Name:
Class:
Principal X Rate X Time = Interest
Note 1 20,000$ 8.00% 180 800.00$ <--Correct!
360
Note 2 6,000$ 12.00% 3180.00$ <--Correct!
12
Note 3 25,000$ 9.00% 120 750.00$ <--Correct!
360
Interest Calculations
SANTAS COMPANY
McGraw-Hill
Instructor
Problem 16.01A
Date Amount Rate Term
Feb. 15 20,000$ 8.00% 180 days
Oct. 3 6,000$ 12.00% 3 months
Oct. 18 25,000$ 9.00% 120 days
Notes Issued During 2013
SANTAS COMPANY
Given Data P16.01A
Student Name:
Class:
Principal X Rate X Time = Interest
Note 21 40,000$ 10.00% 31,000.00$
12
Maturity
Principal + Interest = Value
40,000$ 1,000.00$ 41,000.00$ <--Correct!
Note 22 12,000$ 9.00% 90 270.00$
360
12,000$ 270.00$ 12,270$ <--Correct!
Note 23 6,000$ 8.00% 3120.00$
12
6,000$ 120.00$ 6,120$ <--Correct!
Problem 16.03A
McGraw-Hill
Instructor
Interest Calculations
EVANS COMPANY
Note # Date Amount Rate Term
21 Jan. 5 40,000$ 10.00% 3 months
22 June 3 12,000$ 9.00% 90 days
23 Sept. 28 6,000$ 8.00% 3 months
Notes Received During 2013
EVANS COMPANY
Given Data P16.03A
Student Name:
Class:
Principal X Rate X Time = Interest
Note 31 40,000$ 8.00% 61,600.00$
12
Maturity
Principal + Interest = Value
40,000$ 1,600.00$ 41,600$
Maturity Discount
Value X Rate X Time = Discount
41,600$ 10% 61 704.89$
360
Maturity
Value - Discount = Proceeds
41,600$ 704.89$ 40,895.11$ «- Correct!
Note 32 12,000$ 6.00% 120 240.00$
360
12,000$ 240.00$ 12,240$
12,240$ 10% 66 224.40$
360
12,240$ 224.40$ 12,015.60$ «- Correct!
360
8,133.33$ 126.52$ 8,006.81$ «- Correct!
Interest Calculations
Problem 16.04A
McGraw-Hill
Instructor
NAFTA COMPANY
Note # Date Amount Rate Term
31 Apr. 4, 2013 40,000$ 8.00% 6 months
32 June 11, 2013 12,000$ 6.00% 120 days
33 July 31, 2013 8,000$ 10.00% 60 days
All notes were discounted on August 4, 2013 at a 10% discount
rate.
Additional Information
Given Data P16.04A
NAFTA COMPANY
Notes Receivable
August 3, 2013
