The amount due on the date of maturity for a $6,000,60-day,8%,note receivable is:
A)$6,000
B)$6,480
C)$5,520
D)$6,080
E)$5,920

Name: The amount due on the date of maturity for a $6,000,60-day,8%,note receivable is: A)$6,000 B)$6,480 C)$5,520 D)$6,080 E)$5,920
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Question

Quizplus · Accepted Answer

The maturity value of the note is calculated by adding the interest to the principal. The interest is calculated as $6,000 * 8% * (60/365) = $80. Therefore, the amount due is $6,000 + $80 = $6,080.

The Amount Due on the Date of Maturity for a $6,000,60-Day,8%,note