The total amount of the note and interest due on the maturity date of a $6,000,60-day 4%,note receivable is: (Use 360 days a year.)

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Quizplus · Accepted Answer

The interest on the note can be calculated using the formula: Interest = Principal × Rate × Time. Here, Principal = $6,000, Rate = 4% (or 0.04 as a decimal), and Time = 60/360 (since the interest rate is annual and the year is considered to have 360 days for this calculation). So, Interest = $6,000 × 0.04 × (60/360) = $40. The total amount due on the maturity date is the sum of the principal and the interest, which is $6,000 + $40 = $6,040.

The Total Amount of the Note and Interest Due on the Maturity