Use a Day Counting Table to Determine the Due Date

question 210

Multiple Choice

Use a day counting table to determine the due date of the loan if the loan is made on the given date for the given number of days.
-February 9 for 60 days (the year is a leap year)

• A) March 1
• B) April 8
• C) April 9
• D) April 10

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Definitions:

Creditors

Individuals or institutions to whom money is owed by debtors, or people who have borrowed money.

Shareholders

Individuals or entities who own one or more shares of stock in a corporation, making them partial owners of the company.

Dissolution

The process of legally dissolving or ending an entity, such as a corporation or partnership.

Debenture

A type of debt instrument that is not secured by physical assets or collateral but is backed by the general creditworthiness and reputation of the issuer.