SOLUTION: a businesswoman signs a 120-day, 9% simple interest note of $40,000 on May 25. Find the maturity date of the note and the maturity value of the note using ordinary method.
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: a businesswoman signs a 120-day, 9% simple interest note of $40,000 on May 25. Find the maturity date of the note and the maturity value of the note using ordinary method.
Log On
Question 174220: a businesswoman signs a 120-day, 9% simple interest note of $40,000 on May 25. Find the maturity date of the note and the maturity value of the note using ordinary method. Answer by Mathtut(3670) (Show Source):
You can put this solution on YOUR website! mv=p+prt 40000+40000(.09)(120/360)=41200
:
maturity date 6 days in May
.............30 June
.............31 July
.............31 Aug
.............22 Sept
............120 total
:
Sept 22 is the date of maturity
(