Kate Johnson, President of BQ Industries, executed a note payable on behalf of the company on October 1, 2014 in the amount of $300,000 with an interest rate of 8% for 9 months. Calculate the following items and show your calculations: The total interest to be paid over the term of the note The interest that should be accrued at December 31, 2014 (the Fiscal Year End) The maturity value of the note when the note is due The date that the note is due (maturity date)
1) Total interest = Principal amount × Rate × Time
Total interest = $300,000 × 8% × 9/12
Total interest = $18,000
2) Accrued Interest = Principal amount × Rate × Time
Accrued Interest = $300,000 × 8% × 3/12
Accrued Interest = $6,000
3) Maturity Value = Principal + Interest
Maturity Value = $300,000 + $18,000
Maturity Value = $318,000
4) Issuance date = Oct 1, 2014
Number of months = 9
Due Date = July 1, 2015
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