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:

International Gold Standard

A monetary system in which the value of a country's currency is directly linked to a specific amount of gold, facilitating stable exchange rates and international trade.

Monetary Unit

The standard unit of value of a currency, used as a medium of exchange within an economy.

Exchange Rate

The value of one currency for the purpose of conversion to another, dictating how much of one currency can be exchanged for another currency.

Rolls-Royce

A British luxury automobile and aero engine manufacturer known for high-quality, prestigious vehicles and propulsion systems.