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:

Poor Economy

A state of economic performance characterized by low growth rates, high unemployment, and generally declining business activity.