5. A company borrowed 560,000 by signing a 60-day, 5% note payable from its bank. Compute...
5. A company borrowed 560,000 by signing a 60-day, 5% note payable from its bank. Compute the total cash payment due on the note's maturity date.
Homework Answers
5. Amount to be paid on maturity = Principal + Interest payment
Interest Payment = 560,000 x 5% x 60/365 = 4603
Cash payment at maturity = 560000 + 4603 = 564603
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5. A company borrowed 560,000 by signing a 60-day, 5%
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