Pacific Bank lent $125,000 to Robert Simmons on a 30-day, 6 percent note. Record the following transactions

Question:

Pacific Bank lent $125,000 to Robert Simmons on a 30-day, 6 percent note. Record the following transactions for Pacific Bank (explanations are not required):

1. Lending the money on June 12

2. Collecting the principal and interest at maturity (specify the date; for the computation of interest, use a 360-day year and round to the nearest dollar)

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...