Question

what is the maturity value of a 90-day. 12% note for $10.000
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Answer 1

Answer:

$10,300

A 90-day, 12% note for $10,000, dated May 1, is received from a customer on account. The maturity value of the note is $10,300. Maturity value is the amount that the company would receive when the note comes due. Face value $10,000 + interest $300 ($10,000 x 12% x 90/360) = Maturity Value $10,300.