Calculate the legal due date of a $10 000, 120-day note with interest at 4.56% dated March 31, 2012.
A) July 28
B) July 29
C) August 1
D) August 2
E) August 3

Question

Quizplus · Accepted Answer

To calculate the due date, we have to add 120 days starting from March 31, 2012.

March 31, 2012 + 120 days = July 29, 2012

However, July 29, 2012 is a Sunday. Therefore, the due date will be the next business day, which is August 1, 2012.

Hence, the correct answer is C) August 1.

Calculate the Legal Due Date of a $10 000, 120-Day