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.)

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The amount due at maturity is the face amount of the note plus the interest. The interest is calculated as follows:Interest = Face amount x Interest rate x TimeInterest = $8,500 x 8% x 90/360Interest = $170The amount due at maturity is:Amount due = Face amount + InterestAmount due = $8,500 + $170Amount due = $8,670

On July 9, Mifflin Company Receives an $8,500, 90-Day, 8