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A partial payment is made on the date indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. Partial Payment Effective Date April 1 Maturity Date June 1 Principal $4000 Rate 5% Amount Мay 1 Date O More Info $3000 9 Click the icon to view a table of the number of the day of the year for each date. The balance due on the note at the date of maturity is $N. Days in Each Month 31 28 31 30 31 30 31 31 30 31 30 31 Day of Month Jan Feh. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Day 1 (Round to the nearest cent as needed.) 1 32 60 91 121 152 182 213 244 274 305 335 Day 2 Day 3 Day 4 Day 5 2 33 61 92 3 34 62 93 123 154 184 215 246 276 307 337 122 153 183 214 245 275 306 336 4 35 63 94 124 155 185 216 247 277 308 338 5 36 64 95 125 156 186 217 248 278 309 339 Day 6 6 37 65 9% 126 157 187 218 249 279 310 340 Day 7 7 38 66 97 127 158 188 219 250 280 311 341 Der 39 61 * 1 N 189 220 25I 281 12 42 Day 10 10 9 100 130100 190 221 252 282 313 343 Day 11 11 42 70 131 12 192 22 24 4 1S 5 Day 9 40 68 99 41 161 191 222 253 283 314 344 101 131 162 192 223 254 284 315 345 Day 12 12 n41 71 102 132 163 193 224 255 285 316 346 Day 13 13 44 72 103 133 164 194 225 24 6 ua va Dar 14 14 4S 71 104 M 104 134 165 195 226 257 287 318 348 Day 15 15 46 74 105 135 166 196 227 258 288 319 349 Day 16 16 47 75 106 136 167 197 228 259 289 320 350 Day 17 17 48 76 107 137 168 198 229 260 290 321 351 Day 18 18 49 7 108 138 169 199 230 261 291 322 352 138 Day 19 19 30 78 109 139 170 200 231 262 292 323 353 20 51 79 110 140 171 201 232 263 293 324 354 Day 20 Day 21 21 52 80 111 141 172 202 233 264 294 325 355 Day 22 22 53 81 112 142 173 203 234 265 295 326 356 Enter your answer in the answer box. Day 23 23 54 82 113 143 174 204 235 266 296 327 357

A partial payment is made on the date indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. Partial Payment Effective Date April 1 Maturity Date June 1 Principal $4000 Rate 5% Amount Мay 1 Date O More Info $3000 9 Click the icon to view a table of the number of the day of the year for each date. The balance due on the note at the date of maturity is $N. Days in Each Month 31 28 31 30 31 30 31 31 30 31 30 31 Day of Month Jan Feh. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Day 1 (Round to the nearest cent as needed.) 1 32 60 91 121 152 182 213 244 274 305 335 Day 2 Day 3 Day 4 Day 5 2 33 61 92 3 34 62 93 123 154 184 215 246 276 307 337 122 153 183 214 245 275 306 336 4 35 63 94 124 155 185 216 247 277 308 338 5 36 64 95 125 156 186 217 248 278 309 339 Day 6 6 37 65 9% 126 157 187 218 249 279 310 340 Day 7 7 38 66 97 127 158 188 219 250 280 311 341 Der 39 61 * 1 N 189 220 25I 281 12 42 Day 10 10 9 100 130100 190 221 252 282 313 343 Day 11 11 42 70 131 12 192 22 24 4 1S 5 Day 9 40 68 99 41 161 191 222 253 283 314 344 101 131 162 192 223 254 284 315 345 Day 12 12 n41 71 102 132 163 193 224 255 285 316 346 Day 13 13 44 72 103 133 164 194 225 24 6 ua va Dar 14 14 4S 71 104 M 104 134 165 195 226 257 287 318 348 Day 15 15 46 74 105 135 166 196 227 258 288 319 349 Day 16 16 47 75 106 136 167 197 228 259 289 320 350 Day 17 17 48 76 107 137 168 198 229 260 290 321 351 Day 18 18 49 7 108 138 169 199 230 261 291 322 352 138 Day 19 19 30 78 109 139 170 200 231 262 292 323 353 20 51 79 110 140 171 201 232 263 293 324 354 Day 20 Day 21 21 52 80 111 141 172 202 233 264 294 325 355 Day 22 22 53 81 112 142 173 203 234 265 295 326 356 Enter your answer in the answer box. Day 23 23 54 82 113 143 174 204 235 266 296 327 357

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter21: Cash Budgeting (cashbud)
Section: Chapter Questions
Problem 3R: Can the 10,000 note be repaid on May 1? Explain.
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A partial payment is made on the date indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. Effective Partial Payment Maturity Principal $4000 Rate Date Amount Date Date More Info 5% April 1 $3000 May 1 June 1 Click the icon to view a table of the number of the day of the year for each date. The balance due on the note at the date of maturity is $ Days in Each Month (Round to the nearest cent as needed.) Day of 31 28 31 30 31 30 31 31 30 31 30 31 Month Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Day 1 1 32 60 91 121 152 182 213 244 274 305 335 Day 2 2 33 61 92 122 153 183 214 245 275 306 336 Day 3 34 62 93 123 154 184 215 246 276 307 337 Day 4 4 35 63 94 124 155 185 216 247 277 308 338 Day 5 5 36 64 95 125 156 186 217 248 278 309 339 Day 6 6. 37 65 96 126 157 187 218 249 279 310 340 Day 7 7 38 66 97 127 158 188 219 250 280 311 341 Day 8 39 67 98 128 159 189 220 251 281 312 342 Day 9 9. 40 68 99 129 160 190 221 252 282 313 343 Day 10 10 41 69 100 130 161 191 222 253 283 314 344 Day 11 11 42 70 101 131 162 192 223 254 284 315 345 Day 12 12 43 71 102 132 163 193 224 255 285 316 346 Day 13 13 44 72 103 133 164 194 225 256 286 317 347 Day 14 14 45 73 104 134 165 195 226 257 287 318 348 Day 15 15 46 74 105 135 166 196 227 258 288 319 349 Day 16 16 47 75 106 136 167 197 228 259 289 320 350 Day 17 17 48 76 107 137 168 198 229 260 290 321 351 Day 18 18 49 77 108 138 169 199 230 261 291 322 352 Day 19 19 50 78 109 139 170 200 231 262 292 323 353 Day 20 20 51 79 110 140 171 201 232 263 293 324 354 Day 21 21 52 80 111 141 172 202 233 264 294 325 355 Day 22 22 53 81 112 142 173 203 234 265 295 326 356 Enter your answer in the answer box. Day 23 23 54 82 113 143 174 204 235 266 296 327 357
Transcribed Image Text:A partial payment is made on the date indicated. Use the United States rule to determine the balance due on the note at the date of maturity. (The Effective Date is the date the note was written.) Assume the year is not a leap year. Effective Partial Payment Maturity Principal $4000 Rate Date Amount Date Date More Info 5% April 1 $3000 May 1 June 1 Click the icon to view a table of the number of the day of the year for each date. The balance due on the note at the date of maturity is $ Days in Each Month (Round to the nearest cent as needed.) Day of 31 28 31 30 31 30 31 31 30 31 30 31 Month Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Day 1 1 32 60 91 121 152 182 213 244 274 305 335 Day 2 2 33 61 92 122 153 183 214 245 275 306 336 Day 3 34 62 93 123 154 184 215 246 276 307 337 Day 4 4 35 63 94 124 155 185 216 247 277 308 338 Day 5 5 36 64 95 125 156 186 217 248 278 309 339 Day 6 6. 37 65 96 126 157 187 218 249 279 310 340 Day 7 7 38 66 97 127 158 188 219 250 280 311 341 Day 8 39 67 98 128 159 189 220 251 281 312 342 Day 9 9. 40 68 99 129 160 190 221 252 282 313 343 Day 10 10 41 69 100 130 161 191 222 253 283 314 344 Day 11 11 42 70 101 131 162 192 223 254 284 315 345 Day 12 12 43 71 102 132 163 193 224 255 285 316 346 Day 13 13 44 72 103 133 164 194 225 256 286 317 347 Day 14 14 45 73 104 134 165 195 226 257 287 318 348 Day 15 15 46 74 105 135 166 196 227 258 288 319 349 Day 16 16 47 75 106 136 167 197 228 259 289 320 350 Day 17 17 48 76 107 137 168 198 229 260 290 321 351 Day 18 18 49 77 108 138 169 199 230 261 291 322 352 Day 19 19 50 78 109 139 170 200 231 262 292 323 353 Day 20 20 51 79 110 140 171 201 232 263 293 324 354 Day 21 21 52 80 111 141 172 202 233 264 294 325 355 Day 22 22 53 81 112 142 173 203 234 265 295 326 356 Enter your answer in the answer box. Day 23 23 54 82 113 143 174 204 235 266 296 327 357
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