Assuming a 360-day year, the maturity value of a ¥900,000, 10%, 60-day note receivable dated July 3 is

Question

Quizplus · Accepted Answer

The formula for calculating the maturity value of a note receivable is:

Maturity value = Principal + (Principal x Rate x Time)

Where:
- Principal = ¥900,000
- Rate = 10%
- Time = 60/360 (since there are 360 days in a year and the note is for 60 days)

Maturity value = ¥900,000 + (¥900,000 x 10% x 60/360)
Maturity value = ¥900,000 + ¥15,000
Maturity value = ¥915,000

Therefore, the maturity value of the note is ¥915,000, which is closest to option D: ¥915,000.

Assuming a 360-Day Year, the Maturity Value of a ¥900,000