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7 August, 05:57

A 60-day, 9% note for $10,000, dated may 1, is received from a customer on account. the maturity value of the note is

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  1. 7 August, 09:00
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    Given:

    60-day, 9% note for 10,000

    The maturity value is: 10,150

    10,000 x 9% x 60/360 = 150 interest

    10,000 + 150 = 10,150

    The 9% is the annual interest on the note.

    60-day is the term of the note.

    The note will mature at the end of July or on August 1st.
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