The maturity value of a $60000 8% 60-day note receivable dated July 3 is
A) $60000.
B) $60800.
C) $64800.
D) $69600.

Name: The maturity value of a $60000 8% 60-day note receivable dated July 3 is A) $60000. B) $60800. C) $64800. D) $69600.
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Question

Quizplus · Accepted Answer

The maturity value of the note is calculated by adding the interest earned to the principal amount. Interest = Principal × Rate × Time = $60,000 × 8% × (60/360) = $800. Therefore, the maturity value = Principal + Interest = $60,000 + $800 = $60,800.

The Maturity Value of a $60000 8% 60-Day Note Receivable