The maturity value of a $236,400, 9%, 40-day note receivable dated July 3 is A $236,400...

Question

Question

The maturity value of a $236,400, 9%, 40-day note receivable dated July 3 is

A $236,400

B $245,856

C $257,676

D $238,764

Answer 1

Answer #1

The correct answer is D) $238,764.

Supporting calculations:

Maturity Value = Value of the Note + Interest on the Interest

= ($236,400 + [$236,400*9/100*40 days/360 days])

= $236,400 + $2,364

= $238,764

Therefore, maturity value of the note is $238,764.

Answer 2

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