Question: Valley Co. received a $200,000, 90-day, 7% note, dated February 3, from Mr. Potts in payment of his account receivable. (Assume a 360-day year when

Valley Co. received a $200,000, 90-day, 7% note, dated February 3, from Mr. Potts in payment of his account receivable. (Assume a 360-day year when calculating interest.)

a. Determine the due date of the note.

February 3May 4May 11April 30

b. Determine the interest.

c. Determine the maturity value of the note.

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