Question 37 2.5 pts

A $10,000, 7% note is dated June 18 and is due in 45 days. The due date would be:

Aug 1.

Aug 2.

Aug 4.

Aug 3.

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Question 38 2.5 pts

A $12,000, 5% note is dated May 18 and is due in 90 days. Using a 360-day year, the maturity value would be:

$12,175.

$12,150.

$12,000.

$12,050.

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Question 39 2.5 pts

Trust Worthy Bank accepts a promissory note for $6,000 from a customer on November 1, to be repaid in eight months plus 6% interest. The maturity value of the note is:

$6,000.

$6,240.

$6,075.

$6,140.

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Question 40 2.5 pts

The formula for calculating interest on a note is: principal rate time.

True

False