Gordon Borrows $17,500

question 73

Multiple Choice

Gordon borrows $17,500.00 for 120 days on March 17. The day the loan is due to be paid, using exact time, is:

• A) July 15
• B) July 4
• C) July 16
• D) July 13

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Definitions:

Promissory Note

A financial document constituting a written promise to pay a specified sum of money to a designated party on demand or at a predetermined date.

Intermediate Calculations

Intermediate Calculations involve the computations or mathematical operations performed as steps between the initial setup and the final result or outcome in a process.

125-Day Note

A short-term debt obligation that matures or is due to be paid in 125 days from its issuance date.

360-Day Year

A financial convention assuming a year has 360 days, often used in interest calculations.