The amount due on the maturity date of 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 maturity date of 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 amount due on the maturity date includes the principal plus interest. Interest = Principal x Rate x Time = $6,000 x 8% x (60/360) = $80. Therefore, the total due is $6,000 + $80 = $6,080.

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