Using a 360-Day Year,the Maturity Value of a 60-Day Note

question 36

Multiple Choice

Using a 360-day year,the maturity value of a 60-day note for $1,500 at 7% annual interest is (rounded to the nearest cent) :

• A)$1,605.00.
• B)$1,482.50.
• C)$1,517.50.
• D)$17.50.

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Definitions:

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