The following details are for a promissory note:

Face Value = 1,142

Issue Date = January 31

Term = 2 months

Rate = 3%

What is the maturity value of this note on the legal due date? Consider February to have 29 days.

What is the fair market value of a payment of $519 one month from today and $220 4 months from today with a rate of return of 5%?

 

Transcribed Image Text:

Below is a partial payment schedule. # of Days Date June 14 July 8 Interest Rate 2.1% What is the interest on July 8? Interest Amount Accrued Payment Interest (Advance) ($590) Principal Balance $590 Below is a partial payment schedule. # of Days Date June 14 July 8 Interest Rate 2.1% What is the interest on July 8? Interest Amount Accrued Payment Interest (Advance) ($590) Principal Balance $590

Answer rating: 100% (QA)

Maturity value of the promissory note The maturity value of the promissory note is calculat... View the full answer