Find the total amount of interest accrued by lucky

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Question - On February 20th, a 5 month note for  $3,300 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: Find the amount (simple interest plus principal) received by Lucky at maturity?

2: If the note has monthly compounded interest, find the total amount of interest received by Lucky at maturity?

3: If the note has biweekly compounded interest, find the total amount of principal received by Lucky at maturity?

4: If the note is sold on March 20th, find the total amount of interest accrued by Lucky?

5: If the note has biweekly compounded interest and it is sold on March 20th, find the total amount of interest accrued by Lucky?

Reference no: EM133142887

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