A 90-day note issued on April 10 matures on:
A) July 9.
B) July 10.
C) July 11.
D) July 12.
E) July 13.

Question

Quizplus · Accepted Answer

To calculate the maturity date of a 90-day note issued on April 10, add 90 days to April 10. April has 20 days remaining after the 10th (30-10), May has 31 days, and June has 30 days. Adding 20 (April) + 31 (May) + 30 (June) = 81 days. The remaining 9 days will fall in July, making the maturity date July 9.

A 90-Day Note Issued on April 10 Matures On