The amount due on the maturity date of a $6,000,60-day 4%,note receivable is: (Use 360 days a year.)
A)$6,000.
B)$6,240.
C)$5,760.
D)$6,040.
E)$5,960.

Question

Quizplus · Accepted Answer

The interest on the note is calculated as follows: Interest = Principal × Rate × Time = $6,000 × 4% × (60/360) = $6,000 × 0.04 × (1/6) = $240. Therefore, the total amount due on the maturity date is the principal plus interest, which is $6,000 + $240 = $6,240. However, there seems to be a mistake in my explanation regarding the final total amount due; the correct calculation of the total amount due is $6,000 + $40 = $6,040, reflecting the correct choice as D.

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