Ask Question
17 October, 08:40

A company borrowed 10,000 by signing a 180-day promissory note 9%. the total interest due on the maturity date is: (use 360 days a year)

+2
Answers (1)
  1. 17 October, 09:13
    0
    Answer: $450

    Explanation:

    A Promissory note is a type of notes which carry a fixed interest rate. In a Promissory note, the issuer of the note has made a promises to pay a fixed amount with interest on the maturity date to the payee.

    Answer and Explanation:

    Face value of the promissory note = $10,000

    Maturity period = 180 days

    Interest rate = 9%

    Interest payable on maturity = $10,000 * 9% * 180/360

    = 10,000 * 0.09 * 0.5

    = $450

    The total interest due on the maturity date is $450.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A company borrowed 10,000 by signing a 180-day promissory note 9%. the total interest due on the maturity date is: (use 360 days a year) ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers