A three month,10% note for $8,000,dated April 15,is received from a customer.The maturity value of the note is:

Question

Quizplus · Accepted Answer

The maturity value of the note can be calculated as:
Maturity value = Principal + Interest
Interest = (Principal x Rate x Time)/100
Here, Principal = $8,000, Rate = 10% and Time = 3 months or 0.25 years (since it is a 3-month note)
Interest = (8,000 x 10 x 0.25)/100 = 200
Maturity value = Principal + Interest = 8,000 + 200 = $8,200

A Three Month,10% Note for $8,000,dated April 15,is Received from a Customer.The