Determine the Due Date and Amount of Interest Due at Maturity

Essay

Determine the due date and amount of interest due at maturity on the following notes (Assume 360 days in a year): $$\begin{array} { c c c c c c } \text { Origination Date } & \begin{array} { c } \text { Face } \\\text { Amount }\end{array} & \begin{array} { c } \text { Term } \\\text { of Note }\end{array} & \begin{array} { c } \text { Interest } \\\text { Rate }\end{array} & \begin{array} { c } \text { Maturity } \\\text { Date }\end{array} & \begin{array} { c } \text { Interest } \\\text { Amount }\end{array} \\\hline \text { (a) March 1 } & \$ 5,000 & 60 \text { days } & 9 \% & \underline{\quad\quad}&\underline{\quad\quad} \\\text { (b) May 15 } & \$ 9,000 & 120 \text { days } & 8 \% & \underline{\quad\quad} &\underline{\quad\quad} \\ \end{array}$$