On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of...
On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the maturity value (principal plus interest) of the note on March 1?
Homework Answers
Computation of Maturity Value as on March 01:
Face Value of Note Payable = $9000
Interest Rate = 8%
Number of Days = 120
Interest Amount = ($9000*8%)*120/365
= $720 * 120 / 365
= $236.71
Maturity Value = $9000 + $236.71 = $9236.71
Note:
We assume 365 days in year to calculate interest Amount if we take 360 days in year then in that case interest Amount will be (9000*8%)*120/360 = $240 and Maturity Value will be $9240.
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