On November 1, Alan Company signed a 120-day, 9% note payable, with a face value of...
On November 1, Alan Company signed a 120-day, 9% note payable, with a face value of $25,200. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.)
Multiple Choice
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$25,956
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$25,704
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$25,200
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$25,452
Homework Answers
Correct answer----------$25,956
Working
| Maturity value of Note | ||
| (A) | Face value of th enote | $ 25,200.00 |
| (B) | Interest rate | 9% |
| C =(A x B) | Interest for 1 year | $ 2,268.00 |
| D= C/360 x 120 | Interest for 120 days (5760/360*120) | $ 756.00 |
| E= D+A | Maturity value of note | $ 25,956.00 |
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