The maturity value of a ¥600,000, 10%, 60-day note receivable dated July 3 is

Name: The maturity value of a ¥600,000, 10%, 60-day note receivable dated July 3 is
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Maturity value = Principal + Interest
Interest = Principal x Rate x Time
Rate = 10%/365 = 0.0274% per day
Time = 60 days

Interest = ¥600,000 x 0.0274% x 60 = ¥9,840
Maturity value = ¥600,000 + ¥9,840 = ¥609,840

Therefore, the maturity value of the note is ¥609,840, which is closest to option D (¥610,000).

The Maturity Value of a ¥600,000, 10%, 60-Day Note Receivable