The maturity value of a $6000 5% 60-day note receivable dated February 10th is
A) $6000.
B) $6025.
C) $6050.
D) $6300.

Name: The maturity value of a $6000 5% 60-day note receivable dated February 10th is A) $6000. B) $6025. C) $6050. D) $6300.
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Question

Quizplus · Accepted Answer

The maturity value is calculated by adding the interest to the principal. The interest for a 60-day note is calculated as $6000 * 5% * (60/365) = $50. Therefore, the maturity value is $6000 + $50 = $6050.

The Maturity Value of a $6000 5% 60-Day Note Receivable