The maturity value of a 60-day note for $9,000 that bears interest at 6 percent is (Assume 360 days in a year.)
A)$9,000.
B)$9,090.
C)$9,540.
D)$8,460.

Question

Quizplus · Accepted Answer

The formula for finding the maturity value of a note is:

Maturity value = Principal + (Principal x Rate x Time)

Here, the principal is $9,000, the rate is 6%, and the time is 60/360 (since there are 360 days in a year).

Maturity value = $9,000 + ($9,000 x 0.06 x 60/360) 
Maturity value = $9,090

Therefore, the correct answer is B.

The Maturity Value of a 60-Day Note for $9,000 That