Let's calculate the required values for each note, using the formulas for interest and the maturity value.
Interest Calculation
The formula for calculating interest is: \[ \text{Interest} = \text{Principal} \times \text{Interest Rate} \times \frac{\text{Time}}{360} \] Where Time is in days and the Interest Rate is expressed as a decimal.
Maturity Value Calculation
The maturity value is calculated as: \[ \text{Maturity Value} = \text{Principal} + \text{Interest} \]
Note NR12 Calculations
- Principal: $8,000.00
- Interest Rate: 6% or 0.06
- Time: 120 days
a. Maturity Date: Start Date: March 22 Maturity Date: March 22 + 120 days = July 20
b. Interest Calculation: \[ \text{Interest} = 8000 \times 0.06 \times \frac{120}{360} = 8000 \times 0.06 \times \frac{1}{3} = 8000 \times 0.02 = 160 \]
c. Maturity Value Calculation: \[ \text{Maturity Value} = 8000 + 160 = 8160 \]
Note NR13 Calculations
- Principal: $6,000.00
- Interest Rate: 7% or 0.07
- Time: 90 days
a. Maturity Date:
Start Date: April 7
Maturity Date: April 7 + 90 days = July 6
b. Interest Calculation: \[ \text{Interest} = 6000 \times 0.07 \times \frac{90}{360} = 6000 \times 0.07 \times \frac{1}{4} = 6000 \times 0.0175 = 105 \]
c. Maturity Value Calculation: \[ \text{Maturity Value} = 6000 + 105 = 6105 \]
Summary Tables
Table 1: Individual Note Calculations
| Note | Date | Principal | Interest Rate | Time (days) | Maturity Date | Interest | Maturity Value | |-------|--------------|------------|---------------|-------------|---------------|-----------|----------------| | NR12 | March 22 | $8,000.00 | 6% | 120 | July 20 | $160.00 | $8,160.00 | | NR13 | April 7 | $6,000.00 | 7% | 90 | July 6 | $105.00 | $6,105.00 |
Table 2: Total Summary
| Total | Total Interest | Total Maturity Date | Total Maturity Value | |--------|-----------------|----------------------|-----------------------| | | $265.00 | July 20 (latest date)| $14,265.00 |
Note:
The total maturity date is considered the latest of the two maturity dates. The total maturity value is just the sum of the individual maturity values.