Question: A $40,000, 3-month, 8% note is dated June 1, 2016. The maturity date and maturity value of the note are, respectively: Principle 40,000 IR% .08

A $40,000, 3-month, 8% note is dated June 1, 2016. The maturity date and maturity value of the note are, respectively:

Principle 40,000
IR% .08
Term ?

(this is what i have so fat. i was told i can keep the 3 months instead of converting to days however i get different answers.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!