The Maturity Value of a 60-Day Note for $6,000 That

question 38

Multiple Choice

The maturity value of a 60-day note for $6,000 that bears interest at 6 percent a year is

• A) $6,060.
• B) $6,600.
• C) $6,000.
• D) $5,940.

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Definitions:

Funds

Financial resources set aside for a specific purpose, often pooled together from multiple sources and managed to achieve a specific investment goal.

Collecting

The action or hobby of gathering items of a particular type, often of cultural, historical, or financial value.

Transferred Check

A check that has been signed over by the original recipient to a new recipient, allowing the latter to cash or deposit the check.

Intermediary

An entity that acts as the middleman between two parties in a transaction, helping to facilitate communication and the exchange of goods, services, or information.