Question

11/7/2019 CengageNOWV2 Online teaching and learning Resource to Congo 1. MC.11-051.ALGO (Algorithmic) avable to Brown Industries. S o, Williams Company issued an $73,200, 10%, 120-day note payable to day year, what is the maturity value of the note? Round your answer de on the note? Round your answer to the nearest whole dollar. a. $7,320 b. $73,200 c. $75,640 d. $80,520 unts of $82,270 and $10

Answer 1

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Williams Company
Number of days in year is not fully visible so I am assuming it as 360 days. My solution is correct and I am putting all the formulas so if its 365 days you can juts change it in my solution and you will get your answer.
	Amount $	Note
Loan amount	73,200.00	A
Number of days loan taken	120.00	B
Interest rate	10.00%	C
Annual Interest	7,320.00	D=A*C
Number of days in a year	360.00	E
Interest Payable	2,440.00	F=D/E*B
Maturity value of Note	75,640.00	G= A+F
So Answer is option C