USES OF PROMISSORY NOTES

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Presentation transcript:

USES OF PROMISSORY NOTES 1 2 4 3 5 7 6 8 1. Number of a note. 5. Principal of a note. 2. Date of a note. 6. Interest rate of a note. 3. Payee of a note. 7. Maturity date of a note. 4. Time of a note. 8. Maker of a note. Lesson 23-1, page 594

INTEREST ON PROMISSORY NOTES     Calculate Interest for One Year Interest Time Interest for Principal  Rate  in Years = One Year $1,000.00  12%  1 = $120.00     Calculate Interest for Fraction of Year Interest Time as Fraction Interest for Principal  Rate  of Year = Fraction of Year $1,000.00  12%  60/360 = $20.00     Calculate Maturity Value Principal + Interest = Maturity Value $1,000.00 + $20.00 = $1,020.00 Lesson 23-1, page 595

MATURITY DATE OF PROMISSORY NOTES March 13, 90-Day Note March 13-March 31 18 days April 30 days May 31 days June 1-June 11 11 days Total 90 days 1 2 3 4 1. Subtract the date of the note from the number of days in the first month. 2. Add 30 days for April. 3. Add 31 days for May. 4. Add only 11 days in June. Lesson 23-1, page 596

TERMS REVIEW number of a note date of a note payee of a note time of a note principal of a note interest rate of a note maturity date of a note maker of a note promissory note creditor notes payable interest maturity value Lesson 23-1, page 597