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 a $10,000 b $10,300 c $450 d $9,550 ...

Calculation of Maturity value of No ...

A 90-day, 12% note for $10,000 dated May 1 is received from a customer on account. The

Question:

A 90-day, 12% note for $10,000 dated May 1 is received from a customer on account. The value of the note is:
a. $10,000
b. $10,300
c. $450
d. $9,550

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...