On feb 20th, a 5 month note for $5,860 was received by Lucky Company to...
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Accounting
On feb 20th, a 5 month note for $5,860 was received by Lucky Company to settle an amount owing from a customer. It bears interest at the rate of 8% per annum. Assume the note is settled on maturity and Lucky makes the appropriate entry. A year has 364 days or 52 weeks.
Required 1: The amount (simple interest plus principal) received by Lucky at maturity is: $
Required 2: If the note has monthly compounded interest, the total amount of interest received by Lucky at maturity is: $
Required 3: If the note has biweekly compounded interest, the total amount of principal received by Lucky at maturity is: $
Required 4: If the note is sold on March 20th, the total amount of interest accrued by Lucky is: $
Required 5: If the note has biweekly compounded interest and it is sold on March 20th, the total amount of interest accrued by Lucky is: $
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