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Helga [31]
3 years ago
10

On june 8, alton co. issued an $90,000, 6%, 120-day note payable to seller co. assuming a 360-day year for your calculations, wh

at is the maturity value of the note?
a. $90,450
b. $90,000
c. $91,800
d. $95,400
Business
1 answer:
Firlakuza [10]3 years ago
8 0
Maturity Value = Principal  x ( 1 + Rate x Time )
Here is:
Principal = $90,000
Rate = 6% = .06
Time = 120 / 360
Maturity value = $90,000 x ( 1 + .06 x 120/360 ) =
= $90,000 x ( 1 + .02 ) =
= $90,000 x 1.02 = $91,800
Answer:   c. $91,800
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