On July 7,Landview Bank lent $530,000 to Classical Music Shop on a 60 day,4% note.What is the maturity value of the note? (Use a 360-day year and round answers to the nearest dollar. )

Name: On July 7,Landview Bank lent $530,000 to Classical Music Shop on a 60 day,4% note.What is the maturity value of the note? (Use a 360-day year and round answers to the nearest dollar. )
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Question

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Maturity value = Principal + Interest
Maturity value = $530,000 + $3,533 ($530,000 × 0.04 × 60 / 360)
Maturity value = $533,533

On July 7,Landview Bank Lent $530,000 to Classical Music Shop