A Note for $665 Dated March 22, 2014, with Interest

question 76

Essay

A note for $665 dated March 22, 2014, with interest at 7.34% per annum, is issued for 128 days. Determine
a) the legal due date;
b) the interest period (in days);
c) the amount of interest;
d) the maturity value.

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Definitions:

Treaty of Brest-Litovsk

A peace treaty signed in 1918 between the Bolshevik government of Russia and the Central Powers, marking Russia’s exit from World War I, and resulting in significant territorial losses for Russia.

Socialist Revolutionaries

A political grouping in early 20th-century Russia that sought to bring about a socialist society through both parliamentary and revolutionary means.

Bolsheviks

A faction of the Russian socialist movement that led the October Revolution in 1917, establishing a communist government and becoming the founding ruling party of the Soviet Union.

Bolsheviks

A faction of the Russian Social Democratic Labour Party led by Vladimir Lenin that seized power in Russia in October 1917, leading to the establishment of a communist state.