Respuesta :
Answer:
(a) $1,120; 9th August
(b) $1,179; 12th October
(c) $250; 11th July
Explanation:
(a) Given that,
Note Principal value = $84,000
Interest rate = 8%
Time period = 60 days
Interest:
= $84,000 × 0.08 × (60/360)
= $1,120
Maturity date:
= 20 days of June + 31 days of July + 9 days of August
= Total of 60 days
Therefore, the date of maturity is 9th of August.
(b) Given that,
Note Principal value = $52,400
Interest rate = 9%
Time period = 90 days
Interest:
= $52,400 × 0.09 × (90/360)
= $1,179
Maturity date:
= 17 days of July + 31 days of August + 30 days in September + 12 days in October
= Total of 90 days
Therefore, the date of maturity is 12th of October.
(c) Given that,
Note Principal value = $12,000
Interest rate = 10%
Time period = 75 days
Interest:
= $12,000 × 0.1 × (75/360)
= $250
Maturity date:
= 3 days in April + 31 days in May + 30 days in June + 11 days in July
= Total of 75 days
Therefore, the date of maturity is 11th of July.
The correct options of the above cases are:
(a). The interest is $1,120 and the maturity date is 9th August.
(b). The interest is $1,179 and the maturity date is 12th October.
(c). The interest is $250 and the maturity date is 11th July.
What is the maturity date?
The maturity date is defined as the date on which a debt must be settled in full.
On the maturity date, the principal part of the debt is completely settled, so no further interest expense accrues.
The maturity date on whatever debt instruments can be adapted to be on a primal date, at the choice of the debt institution.
Computation of maturity date and the interest amount:
(a). According to the given information,
Principal value(P)= $84,000
Interest rate(r) = 8%
Time duration(T)= 60 days
Then the amount of interest, by applying the formula of simple interest, is:
[tex]\rm{{SI} = P\times r \times \ T}\\\\\rm{{SI} = \$84,000 \times 8\% \times \frac{60}{360}}\\\\\rm{{SI} =\$1,120[/tex]
Then the Maturity date is:
[tex]\text{Maturity Date}=20\text{Days of June} + 31 \text{Days of July} + 9 \text{Days of August}\\\\\text{Maturity Date}= \text{Total of 60 Days}[/tex]
Therefore, the date of maturity is the 9th of August.
(b). According to the given information,
Principal value = $52,400
Interest rate = 9%
Time period = 90 days
Then the amount of interest, by applying the formula of simple interest, is:
[tex]\rm{{SI} = P\times r \times \ T}\\\\\rm{{SI} = \$52,400 \times 9\% \times \frac{90}{360}}\\\\\rm{{SI} =\$1,179[/tex]
Then the Maturity date is:
[tex]\text{Maturity Date}= 17 \text{Days of July} + 31\text {Days of August} + 30\text {Days in September} + 12\text {Days in October}\\\\\text{Maturity Date}= 90 \text{Days}[/tex]
Therefore, the date of maturity is the 12th of October.
(c) . According to the given information,
Principal value = $12,000
Interest rate = 10%
Time period = 75 days
Then the amount of interest, by applying the formula of simple interest, is:
[tex]\rm{{SI} = P\times r \times \ T}\\\\\rm{{SI} = \$12,000 \times 10\% \times \frac{75}{360}}\\\\\rm{{SI} =\$250[/tex]
Then the Maturity date is:
[tex]\text{Maturity Date}= 3 \text{Days in April} + 31 \text{Days in May} + 30 \text{Days in June}+ 11 \text{Days in July}\\\\\text{Maturity Date}= \text{ 75 Days}[/tex]
Therefore, the date of maturity is the 11th of July.
Learn more about the maturity date, refer to:
https://brainly.com/question/7498593
