Asked by Football news With Scott and Lucas on Jul 20, 2024
Verified
A 90-day note issued on April 10 matures on:
A) July 9.
B) July 10.
C) July 11.
D) July 12.
E) July 13.
90-Day Note
A short-term financial obligation or debt security with a maturity period of 90 days, often used for temporary financing needs.
Matures
The point in time when a financial instrument, such as a bond or loan, reaches its due date and must be repaid or redeemed.
- Compute the final sum payable on a promissory note.
Verified Answer
KS
Kaizer SayaniJul 26, 2024
Final Answer :
A
Explanation :
To calculate the maturity date of a 90-day note issued on April 10, add 90 days to April 10. This calculation leads to July 9 as the maturity date, considering April has 20 days remaining (30-10), May has 31 days, and June has 30 days, totaling 81 days. Adding the remaining 9 days to June ends on July 9.
Learning Objectives
- Compute the final sum payable on a promissory note.