On July 9,Mifflin Company receives an $8,500,90-day,8% note from customer Payton Summers as payment on account.Compute the amount due at maturity for the note.(Use 360 days a year.)
A)$8,628
B)$8,192
C)$8,613
D)$8,500
E)$8,670

Question

Quizplus · Accepted Answer

The interest on the note is calculated as: $8,500 * 8% * (90/360) = $170. The amount due at maturity is the principal plus interest: $8,500 + $170 = $8,670.

On July 9,Mifflin Company Receives an $8,500,90-Day,8% Note from Customer