On August 14, Second Street Bank lent $210,000 to City Restaurant on a 75 day, 4% note. What is the maturity date of the note?

Question

Quizplus · Accepted Answer

To find the maturity date, add 75 days to August 14. August has 31 days, so 17 days remain in August after the 14th. That leaves 58 days to count into September and October. September has 30 days, so after September ends, 28 days remain to be counted into October, making the maturity date October 28.

On August 14, Second Street Bank Lent $210,000 to City