Calculate the legal due date of a $600.00, 120 day note with interest at 5% dated March 2, 2014.
A) July 5
B) July 2
C) June 30
D) July 3
E) July 31

Question

Quizplus · Accepted Answer

To calculate the legal due date, we need to add the number of days in the note to the date it was signed. 
March 2 + 120 days = July 1 
Since July 1 is a bank holiday, the legal due date is the next business day, July 3.

Calculate the Legal Due Date of a $600