Question: Gambit Stores accepts from Leonard Co. a $3,400, 90-day, 6% note dated May 10 in settlement of Leonard's overdue account. (a) What is the maturity

Gambit Stores accepts from Leonard Co. a $3,400, 90-day, 6% note dated May 10 in settlement of Leonard's overdue account.

(a) What is the maturity date of the note?

The date the borrower has to pay the principal amount and the interest accrued is the maturity date. It can also be defined as the date at which the company has to repay the principal amount to the investor.

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