A 60-day, 10% note for $6,000 dated April 15 is received from a customer on account. The face value of the note is:
A) $6,100.
B) $5,400.
C) $5,900.
D) $6,000.

Name: A 60-day, 10% note for $6,000 dated April 15 is received from a customer on account. The face value of the note is: A) $6,100. B) $5,400. C) $5,900. D) $6,000.
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Question

Quizplus · Accepted Answer

The face value of the note is the amount written on the note, which is $6,000. The fact that it is a 60-day, 10% note is irrelevant to the calculation of the face value.

A 60-Day, 10% Note for $6,000 Dated April 15 Is