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Question - ABC Corp received a 5 month note for $10,260 on April 5th in exchange for an overdue Accounts Receivables. The note has an interest rate of 8% per annum while the market's rate is at 6%. The note is collected in full at maturity and ABC Corp. does the appropriate journal entry and posting. For simplicity of calculations consider the year has 364 days, 52 weeks and 4 quarters.
Required -
1: If the note has biweekly compounded interest, find the total amount of principal received by ABC Corp at maturity?
2: If the note has monthly compounded interest, find the total amount of interest received by ABC Corp at maturity?
3: Find the amount (simple interest plus principal) received by ABD Corp at maturity?
4: If the note has biweekly compounded interest and it is sold to a third party on May 5th, find the total amount of interest accrued by ABC Corp until the moment of sale?
5: If the note has monthly compounded interest and it is sold to a third party on May 5th, find the total amount of interest accrued by ABC Corp until the moment of sale?
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