A Promissory Note Has a Face Value of $1725 and It

question 63

Multiple Choice

A promissory note has a face value of $1725 and it has a date of issue of October 1 this year. The term is for 4 months. The rate of interest is 6.13%. What is the legal due date of the promissory note?

• A) Feb. 1
• B) Feb. 2
• C) Feb. 3
• D) Feb. 4
• E) Feb. 5

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Definitions:

Back Taxes

Taxes that have not been paid when due.

Credit Card Debt

Debt incurred by an individual that is due to the use of credit cards, often subject to high interest rates.

Discharge

The legal term for the release or elimination of a debt, obligation, or charge, often used in bankruptcy proceedings.

Student Loans

Financial loans given to students to help pay for their education expenses, often subject to repayment with interest after graduation.