The due date of a 120 day, 10% note for $30,000, dated April 12 is:

Name: The due date of a 120 day, 10% note for $30,000, dated April 12 is:
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Question

Quizplus · Accepted Answer

The due date is calculated by adding 120 days to April 12. April has 30 days, so 18 days remain in April after April 12. Then, add 31 days for May, 30 days for June, and 31 days for July, totaling 110 days. Therefore, 10 more days are needed in August, making the due date August 10.

The Due Date of a 120 Day, 10% Note for $30,000